July was a month of intense competition, with leading coins like Bitcoin, Ethereum, XRP, and Dogecoin vying for dominance. Amidst this struggle, an unexpected victor emerged, as the price of XRP managed to outperform its beloved peers to become the best performer among the top 10 cryptocurrencies by market cap.
XRP Monthly Return Outperforms Bitcoin, Ethereum, Dogecoin
according to Data According to CryptoRank, in July, XRP went from struggling to hold $0.4 to retesting $0.65. This price surge surprised the market as the altcoin’s price struggled even during bull market times when the likes of Bitcoin, Ethereum, and Dogecoin were surging.
This surge has seen XRP price rise by 35.3% over the course of July. Meanwhile, Bitcoin price has only gained 6.09% over the entire month. Dogecoin, on the other hand, saw smaller gains of 1.37% over the course of the entire month. Ethereum, on the other hand, has gone the opposite way, falling by 3.46% over the 31-day period.
The reason behind XRP’s price performance can be linked to its ongoing battle with the U.S. Securities and Exchange Commission (SEC). While Judge Analisa Torres ruled that XRP’s secondary software sales are not considered securities, the crypto company is still in trouble over its $1.3 billion initial coin offering. As a result, Ripple is still stuck in a stalemate with the SEC as both sides try to reach a mutually agreeable settlement.
Initially, the SEC demanded that the cryptocurrency company pay $2 billion. In response, Ripple responded by offering to pay the regulator $10 million, an amount its legal defense believes is fair for the violations in question. This back-and-forth left a sour taste in investors’ mouths as it dragged on for months, negatively impacting the price of XRP.
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However, Bitcoinist reported this month that Ripple CEO Brad Garlinghouse said the lawsuit would end soon. But that revelation did not come with an expected date for a verdict, leaving investors in the dark once again.
However, Ripple CEO’s comments had a positive impact on XRP’s price, sending the price from below $0.58 to $0.65. This has led to increased interest, with daily trading volume rising 14% on Wednesday to over $2.36 billion.
Anticipation for the end of the lawsuit is high, with many expecting the price of XRP to surge after it is concluded. One analyst, Common Sense Crypto, believes that the end of the 4-year legal battle could be one of the catalysts that pushes the price of the altcoin to $100.
Featured image created using Dall.E, chart from Tradingview.com