- XRP’s price surged in less than a few hours following a partial court victory against the US Securities and Exchange Commission.
- The altcoin market has been closely following XRP’s lead, with Solana and XLM also seeing significant gains.
- The court’s declaration that XRP was not a security gave Solana and Stellar the boosts they needed.
- Solana, XRP and XLM have all performed wonderfully, in terms of price.
- XRP appears to be cooling off from its gains after Ripple’s victory against the SEC in court.
Ripple’s price surged in less than a few hours, following a partial court victory against the US Securities and Exchange Commission.
The cryptocurrency exploded so quickly in price, that it reached more than double its initial value and even held on to most of its gains for several days after.
According to CoinMarketCap, XRP’s success on both social and price-based metrics was so significant, that it even surpassed BNB to become the fourth-largest cryptocurrency by market capitalization, according to CoinMarketCap
According to a recent tweet from LunarCrush, XRP even seized the top place on the platform’s trending list, confirming its rising popularity within the crypto community.
In this article, we will go over several aspects of XRP’s success, and even mention some of the others that have remained uncovered by the mainstream media.
July: A Great Month For Altcoins (SOL & XLM)
Likely due to XRP’s success this month, the altcoin market has been closely following the cryptocurrency’s lead.
According to CCData, July has been spectacular for Stellar, Ripple and Solana-Based Investment Funds.
The research and data tracking firm noted in a recent report, that the average daily volumes of these investment products increased by 1.81% to $309 million (as of July 18th), right after Ripple’s partial victory against the SEC.
Recall that while the Ripple case was ongoing in the court, the SEC had also termed these other investment products (Solana and Stellar’s XLM) as securities.
The court’s declaration that XRP was not a security, gave Solana and Stellar the boosts they needed. This led to investor confidence and the following rise.
Some of the largest cryptocurrency trading platforms including Coinbase, Huobi, Bybit, and others have also re-listed XRP, resulting in its massive trading volumes.
Since the Ripple court ruling, $XLM’s price has also increased by more than 50%, while the price of $SOL price has increased by more than 20% in the last 12 days.
Solana, XRP and XLM’s Price Performances
It appears that price, underlying AUM and network activity aren’t the only things that spiked when it comes to XRP, XLM and Solana.
All of these cryptocurrencies have also performed wonderfully, in terms of price.
Solana, for example, has moved up by more than 60% over the last 30 days from $15.86 to where it currently sits at $25.37 at the time of writing.
XRP’s performance is similar to Solana’s, with a 60% move to the upside from $0.45 to where it currently sits at $0.71.
XLM comes in slightly higher than the rest, with more than 80% in gains over the last 30 days, from $0.0897 to where it now sits at $0.1624.
Let’s take them one at a time.
XRP, according to CoinMarketCap, appears to be cooling off from its gains after Ripple’s victory against the SEC in court.
The cryptocurrency is up by 2.3% over the last 24 hours but has been on an 11.12% dip over the last week.
In the charts, we can see that the bears may be catching up with the cryptocurrency’s bulls.
XRP appears to be holding out above the $0.7 zone, which is turning out to be a critical point for the cryptocurrency.
The bears will attempt to take control of XRP by pushing it below the 20-day EMA or around this $0.7 support. If they succeed, the XRP/USDT pair may fall straight down and hit the $0.56 support.
In all, if XRP falls below $0.7, it will only be confirmed that the cryptocurrency is now in a downtrend.
XLM Price Analysis
XLM, according to CoinMarketCap, is performing much better, compared to XRP.
The cryptocurrency is up by 14.53% over the last 24 hours and is doing well with a 13.54% gain over the last week.
In the charts, we can see that XLM’s performance has been spectacular, over the last few months.
We can also see that the bulls have been having some degree of ease with pushing the price back up when the bears attempt to bring it down.
After the cryptocurrency first hit the $0.19 zone in mid-July, the bears have been trying to sink it lower.
The last support zone XLM has rebounded from is the $0.14 zone, which is slightly above its 25-day EMA (red line).
XLM only needs to break above the $0.179 zone to form a higher high and confirm that it is indeed in an uptrend.
SOL Price Analysis
Solana appears to be the midpoint between XRP and XLM.
The cryptocurrency isn’t doing so well on the weekly timeframe and has taken a 3.5% dip over the last seven days.
On the 24-hour timeframe, however, the cryptocurrency has moved to the upside by more than 4% over the last day.
Solana’s performance in the charts is somewhat more range bound than the other two.
However, Solana was in the middle of a one-way trip down to the $9 lows when the Ripple versus SEC news broke.
This newfound strength launched the cryptocurrency straight up, leading to Solana having the most sustainable growth of the three.
The cryptocurrency went on to make a fresh 80% rise from $14.27 on 15 June, to $25.46 where it now sits.
Solana in the charts, has just bounced off its 25-day EMA (red line).
This might mean that $SOL may spend some more time consolidating in a tight range between this EMA and the $30 zone.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.