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The month of July has been one of intense competition, with top coins such as Bitcoin, Ethereum, XRP, and Dogecoin battling for dominance. Amid the scuffle, an unlikely victor has emerged, as the XRP price managed to outperform its beloved counterparts to become the performer out of the top 10 largest cryptocurrencies by market cap.
XRP Monthly Returns Trumps Bitcoin, Ethereum, And Dogecoin
According to data from CryptoRank, in the month of July, the XRP price went from struggling to hold $0.4 to retesting $0.65. This surge in price took the market by surprise given that the altcoin’s price has been struggling even during bullish market times where the likes of Bitcoin, Ethereum, and Dogecoin were rallying.
This increase resulted in a 35.3% increase in price for the month of July for XRP. Meanwhile, the Bitcoin price rose only 6.09% throughout the month. Dogecoin, on the other hand, saw smaller gains of 1.37% for the total monthly. As for Ethereum, it went in the other direction, falling 3.46% during this 31-day period.
The reason behind the XRP price performance can be linked to its ongoing battle with the United States Securities and Exchange Commission (SEC). While Judge Analisa Torres ruled that secondary programmatic XRP sales did not qualify as securities, the crypto 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 crypto firm. In response, Ripple fired back, offering to pay $10 million to the regulator, which its legal defense believes is a fair amount for the violations being debated. This back and forth had left a sour taste in investors’ mouths as it dragged on for months, negatively affecting the XRP price.
Related Reading: Multiple Shiba Inu Metrics Turn Green, Is A Recovery Coming?
However, this month, Bitcoinist reported that Ripple CEO Brad Garlinghouse, had said that the lawsuit would end soon. But this revelation did not come with an expected date of ruling, leaving investors in limbo once 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.
Expectations for the end of the lawsuit are high, with many expecting an XRP price rally following the conclusion. One analyst, Common Sense Crypto, believes that the end of the 4-year legal battle could be one of the catalysts that drive the altcoin’s price to $100.
Featured image created with Dall.E, chart from Tradingview.com
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