HomeNewsMKR, XRP, XLM: July's Top Performers Gear Up for August's Market Challenges

MKR, XRP, XLM: July’s Top Performers Gear Up for August’s Market Challenges

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  • In July, MakerDAO’s MKR, Ripple’s XRP, and Stellar’s XLM emerged as the leading gainers, outpacing the market heavyweights Bitcoin and Ethereum.
  • The surge was attributed to specific catalysts including a token buyback program for MKR, a favorable US court ruling for XRP, and a new research report from the Stellar Foundation.

Amid a fluctuating cryptocurrency landscape, three digital currencies came out on top in July – MakerDAO’s MKR, Ripple Labs’ XRP, and Stellar’s XLM, showcasing impressive gains while their larger counterparts, Bitcoin (BTC) and Ethereum (ETH), both shed 4% over the same period.

MakerDAO’s MKR in the Spotlight

MKR, the native token of the MakerDAO platform, led the charge with a 47% gain, propelled by the introduction of a token buyback initiative, which drove its value close to a one-year peak on July 21. Buyback programs often increase the demand for a token by decreasing its supply in the market, and in this case, it had an observable positive impact on MKR’s value.

Ripple’s XRP Navigates Legal Seas

Hot on MKR’s heels, Ripple’s XRP gained 46.6%. A significant portion of this rally was due to a favorable ruling from the District Court for the Southern District of New York. The court declared that the sale of XRP on digital asset exchanges did not qualify as investment contracts, offering a lifeline to the embattled cryptocurrency. Despite a subsequent pullback to $0.70, XRP managed to maintain a substantial gain for the month.

Stellar’s XLM Lights Up the Market

Stellar’s XLM also recorded notable progress in July, climbing 35%. The Stellar Foundation’s comprehensive report on its off-ramps may have been the catalyst for this surge. Crypto derivatives trader, Christopher Newhouse, opined that traders considered this report an opportunity for a sustained, fundamental-based movement, reinforcing the narrative of XLM’s robust integration with USDC cash off-ramps.

However, not all assets shared this bullish momentum. Bitcoin Cash (BCH) and Litecoin (LTC) both underperformed, losing 20% and 18% respectively. LTC’s dip occurred on the eve of its third halving event, where a coded 50% reduction in new LTC issuance is expected.

As we turn our gaze to August, a traditionally slow month for markets, there is cautious optimism. Although the imminent SEC decision on numerous Bitcoin ETF applications might prove a positive catalyst, the crypto market, like its traditional counterpart, is no stranger to August downturns. As history suggests, prudence should rule the month ahead.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628