The month of July has been a month of intense competition, with top coins like bitcoin, ethereum, XRP, and Dogecoin battling for dominance. Amidst the fight, an unexpected victor has emerged, as XRP price managed to outperform its beloved counterparts to become the top performer among the top 10 cryptocurrencies by market cap.
XRP monthly returns outperform bitcoin, ethereum and Dogecoin
According data According to CryptoRank, in the month of July, XRP price went from struggling to hold on to $0.4 to retesting $0.65. This price surge took the market by surprise, given that the altcoin’s price has been struggling even during bull market periods when bitcoin, ethereum, and Dogecoin were all surging.
This surge resulted in a 35.3% increase in price over the month of July for XRP. Meanwhile, bitcoin’s price increased by just 6.09% over the entire month. Dogecoin, on the other hand, saw smaller gains of 1.37% for the monthly total. As for ethereum, it went in the opposite direction, falling by 3.46% over this 31-day period.
The reason behind XRP’s price performance can be linked to its ongoing battle with the United States Securities and Exchange Commission (SEC). While Judge Analisa Torres ruled that XRP’s secondary programmatic sales did not qualify as securities, the cryptocurrency firm was still on the hook for its $1.3 billion ICO. Due to this, Ripple is still locked in deliberations with the SEC as both sides try to come up with a settlement that satisfies both parties.
Initially, the SEC had demanded $2 billion from the cryptocurrency firm. In response, Ripple counterattacked and offered to pay $10 million to the regulator, which its legal defense considers a fair amount for the violations under discussion. This back-and-forth left a bitter taste in the mouths of investors as it dragged on for months and negatively affected the price of XRP.
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However, this month, Bitcoinist reported that Ripple CEO Brad Garlinghouse had said the lawsuit would end soon. But this revelation was not accompanied by a planned sentencing date, leaving investors in limbo once again.
However, Ripple CEO’s comments had a positive impact on the price of XRP, causing the price to rise from below $0.58 to $0.65. This has led to a surge in interest, with daily trading volume increasing by 14% on Wednesday to surpass $2.36 billion.
Expectations for the end of the lawsuit are high and many are expecting a rally in the price of XRP after its conclusion. An analyst at Common Sense crypto believes that the end of the 4-year legal battle could be one of the catalysts that propel the altcoin’s price to $100.
Featured image created with Dall.E, chart from Tradingview.com
