- XRP outperformed Bitcoin, Ethereum, and Dogecoin in July with a 35.3% price increase.
- The ongoing legal battle with the SEC has heavily influenced XRP’s price performance.
XRP also became the best-performing asset among the top 10 largest cryptocurrencies by market capitalization in July as highlighted by blockchain researcher Collin Brown. This altcoin delivered a higher performance than Bitcoin, Ethereum, and Dogecoin, with a remarkable monthly return.
Data from CryptoRank highlighted that XRP’s price jumped from struggling at $0.4 to retest at $0.65, a notable 35.3% increase over the month. In contrast, Bitcoin saw a modest rise of 6.09%, Dogecoin gained only 1.37%, and Ethereum experienced a decline of 3.46%.
#Ripple: #XRP outperforms #Bitcoin, #Dogecoin, and #Solana as the top-performing cryptocurrency among the top 20 on a monthly basis. Hopes from recent SEC closed meetings have driven the price. The settlement isn’t finalized yet, so there’s still much more potential to EXPLODE!… pic.twitter.com/pFqIvHSKMK
— Collin Brown (@CollinBrownXRP) August 2, 2024
The price of XRP is highly dependent on the legal battle with the United States Securities and Exchange Commission (SEC). Judge Analisa Torres recently dismissed secondary programmatic XRP sales as not securities, but the company is still under pressure regarding its $1. 3 billion ICO.
The SEC initially sought $2 billion in penalties from Ripple, which the company countered with a $10 million settlement offer. This protracted legal battle has weighed heavily on investor sentiment, causing fluctuations in XRP’s price.
Ripple CEO’s Statement Boosts Investor Confidence
However, the market was given a boost by a recent statement from Ripple CEO Brad Garlinghouse despite the legal issues. According to Garlinghouse, the case is set to conclude soon, but he did not specify when. This announcement spurred a significant price increase, with XRP climbing from below $0.58 to $0.65. Trading volume also surged by 14%, reaching $2.36 billion in a single day.
Due to the ongoing lawsuit, many market analysts have predicted that XRP may go up in price once the lawsuit is over. One analyst, Common Sense Crypto, has predicted that the end of the four-year-long legal struggle might push the price of XRP to $100. This has in turn has raised the interest of investors and turnover in the market.
Similarly, the overall cryptocurrency market has remained bullish as traders in Solana tokens have kept the bulls running after SOL outperformed the market in July. Despite the recent drop to $63,000, the bullish sentiment for Bitcoin has reached its highest point in 16 months on the back of positive social media mentions. However, the price performance remains sluggish.
Analyst Identifies Symmetrical Triangle Pattern in XRP/USD Chart
Crypto analyst Dark Defender has recently shared new insights with his audience regarding the XRP/USD market and a major price shift expected within the coming September. In a three-month time frame, Dark Defender sees a symmetrical triangle, a consolidation pattern that frequently leads to big moves.
Red Alert!
3-monthly candle (Jul-Aug-Sep) update
No further comments.https://t.co/tTL2Rln7kL pic.twitter.com/I5pKeOjQET
— Dark Defender (@DefendDark) July 29, 2024
This pattern, where support and resistance lines are converging, suggests that the market volatility is decreasing. For XRP, the candles are converging towards the top of the triangle, indicating that the market is coming to a consensus. This structure means that when the price moves out of the triangle, the move could be large in the direction of either up or down.
The chart labels the downward-sloping trendline as the “Ultimate Resistance,” a significant price level that XRP has struggled to surpass in previous rallies. Conversely, the upward-sloping line is marked as the “Ultimate Support.”
