XRP outperforms Bitcoin, Ethereum as market rally fizzles
Ripple’s XRP outperformed most cryptocurrencies on Tuesday as the market-wide rally following the ruling of the lawsuit from the U.S. Securities and Exchange Commission fizzled out.
As of writing, XRP is trading at $0.75, jumping 7.23 percent in the past 24 hours and rising 69.61 percent in the past week. On the other hand, Bitcoin (BTC) and Ethereum (ETH) are now each lower than their levels from last Thursday. Both are stuck at price levels of $30,000 and $1,900.
Just weeks ago, Bitcoin soared above $31,000, a yearly high, after institutional investors grew interest in the space.
Ethereum’s price has been consolidating around $2,000 for months. It has broken above $1,930 a couple of times since July but failed to hold both times. It now targets $1,850 in support, with $1,750 as the next target if that fails to hold.
Despite the downturn, Bitcoin and Ethereum remain the top two largest cryptocurrencies by market capitalization. Tether (USDT) follows at number three and XRP at the fourth, overtaking BNB.
Several altcoins went up, others down
The court ruling on Ripple has not only affected XRP. Other altcoins and tokens on the market are also rising significantly. For example, Flex Coin (FLEX), the native token for crypto exchange CoinFLEX, has been up 10.05 percent in the past day, trading for $4.41. According to CoinGecko, it has surged by more than 50.02 percent in seven days.
Chainlink, the 21st largest digital asset by market capitalization, also saw significant gains. The project launched its Cross-Chain Interoperability Protocol (CCIP) on its Mainnet yesterday. Since then, the price of LINK has jumped over 4 percent in the past day and 12.4 percent in the past week.
The Sui layer-1 blockchain, launched in May 2023, has seen its native token surge by over seven percent in the past day. The token is currently trading for $0.759.
Meanwhile, top altcoins that rallied on Thursday have since reversed course. Cardano’s ADA, Solana’s SOL, and Polygon’s MATIC are all trading at levels similar to where they were before the XRP ruling. ADA is down two percent, while MATIC and SOL are down five percent over the week.
Overall Q2 crypto industry report
According to CoinGecko, Bitcoin’s market dominance increased in the second quarter of 2023 as altcoins “bled” throughout the quarter. It gained almost seven percent, although its average daily trading volume declined 58.7 percent from Q1. It is only lagging behind NASDAQ and the S&P500.
Ether also continued to build on its Q1 gains in Q2, while Binance Coin, XRP, and Cardano suffered double-digit losses. BNB and ADA saw the most significant losses, as both were labeled securities in the SEC’s lawsuit against Binance and Coinbase.
DeFi and metaverse tokens were also hit hard in Q2. Uniswap, Chainlink, and Lido all lost double-digits. At the same time, Axie Infinity, Sandbox and Decentraland lost up to 40 percent.
The total market cap remained sideways at $1.2 trillion for the quarter. This figure is the same as where it started the period.
