As a seasoned analyst with years of experience navigating the tumultuous cryptocurrency market, I must admit that July has been quite the rollercoaster ride, with unexpected twists and turns at every corner. The surge of XRP outperforming the likes of Bitcoin, Ethereum, and Dogecoin is indeed a noteworthy event, one that might leave even the most hardened crypto enthusiasts scratching their heads in bewilderment.
In July, there’s been fierce competition among popular cryptocurrencies like Bitcoin, Ethereum, XRP, and Dogecoin, all vying for control. Surprisingly, in this struggle, XRP has proven victorious by surpassing its rivals in performance, making it the standout performer among the top 10 largest cryptocurrencies by market capitalization.
XRP Monthly Returns Trumps Bitcoin, Ethereum, And Dogecoin
As a crypto investor, I was taken aback when, according to CryptoRank’s data, the XRP price miraculously surged from battling to maintain $0.4 in July, all the way up to retesting $0.65. This unexpected price rise occurred even during periods when heavyweights like Bitcoin, Ethereum, and Dogecoin were thriving and rallying.
For XRP in July, there was a significant jump in price by 35.3%, whereas Bitcoin experienced a more modest rise of 6.09%. In contrast, Dogecoin registered only slight gains of 1.37%. Interestingly, Ethereum took a different path, dipping by 3.46% over the course of this month-long period.
The performance of XRP‘s price may be influenced by its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC). Although Judge Analisa Torres decided that non-primary sales of XRP were not considered securities, Ripple, the crypto company, is still required to address the $1.3 billion raised during their Initial Coin Offering (ICO). Consequently, Ripple continues to negotiate with the SEC in search of a mutually agreeable settlement.
At first, the SEC requested a sum of $2 billion from the crypto company. However, Ripple countered by proposing to pay $10 million instead, which they believe is a reasonable amount given the alleged infractions under dispute. This back-and-forth discussion has lasted for months, stirring unease among investors and causing the XRP price to decrease.
On the other hand, this month, Bitcoinist shared that Ripple CEO Brad Garlinghouse mentioned the legal action might conclude swiftly. Yet, no specific timeline for a verdict was provided, keeping investors uncertain yet again.
Nevertheless, the Ripple CEO’s comments had a positive impact on the XRP price, triggering a price increase from below $0.58 to $0.65. This has led to an increase in interest, with the daily trading volume rising 14% on Wednesday to cross $2.36 billion.
Anticipation for the resolution of the lawsuit is running high, as many believe that it might trigger a surge in XRP‘s price. One analyst, Common Sense Crypto, posits that the end of this 4-year legal battle could serve as one of the triggers propelling the altcoin’s value to reach $100.
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2024-08-01 23:13