Bitrabo Editorial
In a competitive month of July, with cryptocurrencies like Bitcoin, Ethereum, XRP, and Dogecoin vying for the top spot, XRP surprisingly emerged as the top performer among the top 10 largest cryptocurrencies by market cap.
XRP Outperforms Bitcoin, Ethereum, and Dogecoin in Monthly Returns
Data from CryptoRank revealed that in July, the XRP price surged from around $0.4 to nearly $0.65, marking a significant increase. This rise was unexpected as XRP had been struggling, contrasting with the market uptrends of Bitcoin, Ethereum, and Dogecoin.
XRP saw a notable 35.3% price increase in July, surpassing Bitcoin’s 6.09% rise. Dogecoin experienced a modest 1.37% increase, while Ethereum faced a 3.46% decline during the same period.
The surge in XRP price can be attributed to its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Despite a ruling that certain XRP sales weren’t classified as securities, Ripple faced implications regarding its $1.3 billion ICO, leading to negotiations with the SEC for a mutually agreeable resolution.
Initially, the SEC sought $2 billion, while Ripple countered with a $10 million offer, causing uncertainty and impacting XRP price negatively. However, Ripple CEO Brad Garlinghouse indicated that the lawsuit might conclude soon, sparking a price uptick from below $0.58 to $0.65. This announcement boosted investor interest, driving daily trading volume up by 14% to over $2.36 billion.
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Anticipation is high for the lawsuit resolution, with hopes of a potential XRP price rally afterward. Analysts, like Common Sense Crypto, predict that the end of this 4-year legal battle could potentially propel XRP’s price to $100.