Bitcoin’s dominance of the crypto market, which represents its market capitalization share relative to the total cryptocurrency market capitalization, rose sharply from around 44% to highs of 48% in March.
While the Bitcoin price rose 22.7% over the month, most altcoins underperformed or negatively. However, there were a few outliers that showed a second month of positive momentum. Take, for example, XRP, which saw consistent positive momentum as investors await a positive outcome in its US court case against the SEC.
junction network
Conflux Network continued its positive streak since February, almost doubling its price in March. The project team continued to strengthen its partnerships in China by adding XCMD, the world’s third largest construction machinery manufacturer, and Zen Spark Technology.
The Conflux team also supports permissionless app development. has established a scholarship program to promote their ecosystem development.
The CFX token tested support between $0.10 and $0.20 and continued its positive streak to hit a new yearly high of $0.46. The token’s market structure with higher highs and lows looks bullish, with a potential target of $0.80. It represents the breakout level of the 2021 bull run.
XRP
Ripple’s chances of winning the court case against the Securities and Exchange Commission (SEC) improved on March 21 after Presiding Judge Analisa Torres decided to exclude an expert opinion explaining how XRP could be a security.
On March 27, another US regulatory move was a blessing in disguise for XRP holders. The Commodity Futures Trading Commission (CFTC) in the US accused Binance of inadequate compliance procedures and market manipulation.
The regulatory body classified Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) as commodities in the filing. Some believe that this classification will extend to XRP as well. Thus, effectively refuting the SEC’s claim that XRP is a security. The market expectation that Ripple would win the case against the SEC pushed the price of XRP to new yearly highs.
If Ripple wins the case against the SEC, the bullish momentum in XRP is likely to continue in the medium to long term.
XRP is currently facing resistance from the 2022 highs, around $0.53. A successful break above this level could send the price towards the previous support and resistance levels around $0.65 and $0.90.
In particular, the Relative Strength Indicator (RSI), which measures the momentum of price movements relative to volume, shows that XRP has reached overbought levels. It raises the possibility of a correction towards the $0.45 level.
Stellar
Stellar’s XLM token benefited mainly due to its strong positive correlation with XRP. The correlation coefficient between the price movement of XLM and XRP generally stays above 0.7.
Behind the scenes, the Stellar Organization is making efforts to increase the adoption of the Stellar Network for remittances in third world countries like Africa. Stellar is also working with an international payment provider Small Amount Payment to integrate Stellar Network in facilitating global payments.
Technically, the XLM/USD pair has broken above the $0.10 resistance level. If buyers consolidate above this level, the pair can head higher to $0.15 and $0.24. On the other hand, if the bullish breakout fails to materialize, XLM may pull back towards the support at $0.08.
XDC Network (XDC)
The XDC network combines a public and permissioned chain that addresses scalability and security. The XDC token is the network fuel used to pay network fees and deploy applications.
The network supports EVM-compliant smart contracts, protocols, and cross-chain atomic token transfers. It is also fully compliant with the ISO-20022 messaging standard, an internationally accepted standard for electronic data interchange between financial institutions.
Major public blockchains in the XDC ecosystem include Ecoin, Stasis Euro, and Gobiance Exchange. These are relatively lesser-known projects that are listed on second-tier exchanges like HitBit and BitMart. It paints a boring picture of the development of the project ecosystem with permissionless blockchains.
On the business side, the project has built decent partnerships with brands like Travala and Guarda Visa cards.
Factors driving the recent price increase include the introduction of a DAO and the active role played by the management company, XinFin, responsible for the development and management of the blockchain.
XinFin recently decided to decentralize the governance of the blockchain by forming a DAO. After the deployment in May 2023, the community will be able to decide on the distribution of ecosystem funds to promote development. A Web3 meeting in Dubai hosted by XDC Network with more than 60 developers from around the world also promoted the growth of the blockchain ecosystem.
The technical setup of the XDC/USD pair shows that it is on the brink of a bullish breakout. If the buyers break above the $0.045 level, the pair is likely to rally towards the 0.064 targets and beyond. In case of a downside, the support level of $0.02 will be crucial for buyers.
The Klinger Oscillator, a momentum indicator, paints a similar picture with a reading of zero. Positive buying action from current levels will move the indicator into positive territory, generally a bullish sign.
Related: The Top 5 Crypto Winners (and Losers) of 2022
Network mask (MASK)
The Mask Network bridges Web2 and Web3, allowing cryptocurrency transactions directly through Web2 websites.
More than 40,000 users have installed the Mask Network Chrome extension. The browser extension currently supports various decentralized applications (dApps), including Uniswap and SushiSwap, and is compatible with many social media platforms, including Twitter and Facebook.
The network’s Facebook integration has received some complaints. After the acquisition of Elon Musk, it mainly benefits from its Twitter integrations and the hype around cryptocurrency integrations on the social media platform. This adds considerable speculation into the price of the token, as the nature of Twitter’s adoption is still unknown.
On March 9, the token was listed on the BTSE exchange, improving the liquidity and volume of the token. The project was one of the recipients of the ARB airdrop and received 257,540 ARB tokens.
The MASK token is the governance token for the project, which is daunting as it does not generate performance for network usage. However, more than 76% of the token supply is already in circulation; It has a relatively low inflation rate.
The MASK/USD pair broke above the 2022 highs of $6.10, a positive sign for technical buyers. The RSI indicator is in bullish territory and has cooled from the overbought region, giving room for more upside.
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