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Keep an Eye on These Coins

The cryptocurrency market had a strong week overall, with nearly all tokens seeing a sizable increase in prices, perhaps because of global economic turmoil. Theres no guarantee this will continue, though that wont stop market enthusiasts from celebrating the fact Bitcoin crossed $28,000. The upcoming weeks will be ones to watch, especially for a select few assets that have performed particularly well in the last week.

This week, we examine XRP (XRP), Nexo (NEXO), Flare Network (FLR), XDC Network (XDC), and Litecoin (LTC). In selecting these assets, we have considered several factors, including, but not limited to, positive technical developments, significant news events, and noticeable changes in price.

The XRP coin (XRP) was one of the biggest gainers of the week, with the cryptocurrency up by 18%. The price bump was likely due to the fact that investors are becoming increasingly confident that Ripple will win its lawsuit against the Securities and Exchange Commission (SEC).

The SEC alleged in the lawsuit XRP is a security and Ripple had conducted an unregistered securities offering in the form of an ICO. Ripple contested SEC's allegations and is reportedly confident of a win. As such, the coin is increasing in value. XRP is now priced at around $0.46, having started last week at $0.38 (see chart below).

The Nexo token (NEXO) was one of the biggest gainers of the week, surging almost 17%. This increase could possibly be a result of Nexo Pro's partnership with institutional crypto data platform, The Tie. The partnership will see the institutional-level tools offered to advanced traders.

Nexo also saw a noticeable increase in development activity toward the latter half of the week, which is another positive sign. NEXO is now hovering at around $0.74 after being priced at $0.64 seven days ago (see chart below).

The Flare Network (FLR) coin increased by 15%, likely as a result of its Songbird Test Proposal 02 going live on the network. This proposal focuses on increasing the decentralization of the Flare Time Series Oracle (FTSO) by introducing a secondary reward band.

In other words, this band increases the number of data providers that can be rewarded, and these providers are the entities that offer reliable data to dApps through a mechanism, which is the FTSO itself.

Another potential reason for the price bump is MathWallet now supports Flare. FLR is now changing hands at $0.034 and was valued at $0.030 last week (see chart below).

The XDC network (XDC) saw a 14% increase in price over the past week. This may be due to the increasing development of the network.

It is now easier to deploy smart contracts, which allows for the creation of dApps. The Pythonic smart contract language Vyper is used for this purpose. One XDC is now valued at around $0.040 and was priced at $0.035 last week (see chart below).

Litecoin (LTC) experienced a 13% increase in price, possibly because its value often follows Bitcoin. The latter has had a good few weeks, and the assets that trail it often correlate strongly with its movement.

Additionally, whales large holders of a particular cryptocurrency have reportedly been accumulating LTC this month, which could also be the reason behind the surge in price. LTC is now approximately $92.5 and was valued at $82 last week (see chart below).

As of the date this article was written, the author does not own any of the assets discussed here.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read ourwarranty and liability disclaimerfor more info.

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Cryptocurrencies To Watch: Week of March 27 - Investopedia