XRP Beats Out Bitcoin, Ethereum, And Dogecoin In July, What Happened?

XRP Outperforms Peers in July, Driven by Ongoing Legal Battle

July has witnessed intense competition among cryptocurrencies, with Bitcoin, Ethereum, XRP, and Dogecoin contending for dominance. Surprisingly, XRP has emerged as the top performer, outshining its rivals to become the best-performing asset among the top 10 cryptocurrencies by market capitalization.

XRP's Monthly Gains Surge Past Bitcoin, Ethereum, and Dogecoin

Data from CryptoRank reveals that XRP's price rebounded in July from below $0.4 to test $0.65. This surge caught the market off guard, as XRP had been underperforming during previous bullish market periods when Bitcoin, Ethereum, and Dogecoin soared.

As a result, XRP's price increased by 35.3% in July. In contrast, Bitcoin gained only 6.09% during the same period, while Dogecoin showed a modest 1.37% gain. Ethereum, on the other hand, declined by 3.46% over the 31-day period.

Legal Battle with SEC Fuels XRP's Rise

The reason behind XRP's performance can be traced to its ongoing legal battle with the United States Securities and Exchange Commission (SEC). Although a court ruled that secondary XRP sales did not qualify as securities, Ripple Labs remains liable for its $1.3 billion initial coin offering (ICO).

Consequently, Ripple and the SEC are engaged in ongoing negotiations to reach a settlement that satisfies both parties. Initially, the SEC demanded $2 billion from Ripple, but Ripple countered by offering $10 million, which it believes is fair compensation for the alleged violations.

This ongoing legal dispute had previously dampened investor sentiment towards XRP, but Ripple CEO Brad Garlinghouse's recent statement indicating an impending resolution boosted the coin's price. This sparked a rally, driving XRP from below $0.58 to $0.65.

Expectations Rise for Post-Settlement Surge

Investors are now anticipating a favorable end to the lawsuit, which could trigger a substantial rally in XRP's price. Some analysts, such as Common Sense Crypto, believe that the conclusion of the four-year legal battle could propel XRP's price to $100.

As the legal battle nears its end, XRP's daily trading volume has increased by 14% to surpass $2.36 billion, reflecting growing interest in the cryptocurrency.