XRP, XLM, CFX, XDC and MASK rank among the top 5 altcoin gainers in March

Bitcoin’s dominance over the crypto market, which represents its share of market capitalization relative to the total cryptocurrency market capitalization, rose steeply from around 44% to highs of 48% in March. 

While Bitcoin’s price increased by 22.7% during the month, most altcoins yielded subpar or negative returns. However, there were some outliers which showed a second month of positive momentum. Take for example, XRP, which saw steady positive momentum as investors expect a positive outcome in its U.S. court case against the SEC.

Conflux Network

Conflux Network continued its positive run from February, nearly doubling its price in March. The project’s 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 the development of permissionless applications. It has established a grants program to promote its ecosystem development.

The CFX token tested the support between $0.10 and $0.20 and continued its positive run to reach a new yearly high of $0.46. The market structure of the token with higher highs and higher lows looks bullish, with a potential target of $0.80. It represents the breakdown level from the 2021 bull run.

XRP

Ripple’s chances of winning the court case against the Securities Exchange Commission (SEC) improved on March 21 after the presiding judge, Analisa Torres, decided to exclude an expert’s opinion explaining how XRP could be a security.

On March 27, another U.S. regulatory move was a blessing in disguise for XRP holders. The Commodity Futures Trading Commission (CFTC) in the U.S. charged Binance with improper 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 of XRP being a security. The market’s expectation of Ripple winning the case against the SEC pushed XRP’s price to new yearly highs.

If Ripple goes on to win the case against SEC, the bullish momentum in XRP will likely continue in the medium to long term.

XRP is currently facing resistance from the peak levels of 2022, around $0.53. A successful breakout above this level could launch the price…