XRP Surpasses Bitcoin, Ethereum, and Dogecoin in July: What Led to This Achievement?

In July, the cryptocurrency market witnessed fierce competition among leading coins like Bitcoin, Ethereum, XRP, and Dogecoin. Surprisingly, amidst this battle, XRP emerged as a standout performer among the top 10 largest cryptocurrencies by market capitalization.

XRP’s monthly returns surpassed those of Bitcoin, Ethereum, and Dogecoin. Data from CryptoRank revealed that in July, XRP’s price surged from struggling to maintain $0.4 to testing $0.65. This price increase caught many off guard, especially considering XRP’s struggles even during bullish market conditions when Bitcoin, Ethereum, and Dogecoin were rallying.

During July, XRP saw a remarkable 35.3% price increase, outperforming Bitcoin, which only rose by 6.09% for the month. Dogecoin experienced modest gains of 1.37%, while Ethereum moved in the opposite direction, declining by 3.46% over the 31-day period.

XRP’s price performance can be attributed to its ongoing legal battle with the United States Securities and Exchange Commission (SEC). Although Judge Analisa Torres ruled that secondary programmatic XRP sales did not constitute securities, Ripple still faced repercussions for its $1.3 billion initial coin offering (ICO). The negotiations between Ripple and the SEC continue as they seek a mutually agreeable settlement.

Initially, the SEC demanded $2 billion from Ripple, prompting a counteroffer of $10 million from Ripple’s legal team. This prolonged legal dispute had a negative impact on investor sentiment, affecting XRP’s price.

Recently, Ripple CEO Brad Garlinghouse hinted at an imminent end to the lawsuit, leading to a positive market response. XRP’s price surged from below $0.58 to $0.65, accompanied by a 14% increase in daily trading volume to over $2.36 billion.

Anticipation is high for the lawsuit’s resolution, with many expecting a potential XRP price rally post-settlement. Analysts, such as Common Sense Crypto, believe that concluding the 4-year legal battle could serve as a catalyst propelling XRP’s price to $100.

In conclusion, XRP’s remarkable performance in July, driven by legal developments and market dynamics, has captured the attention of investors and analysts alike, setting the stage for potential future price movements.