After the one-year-long devastation in the crypto market that originated from the Terra-Luna collapse, a bullish trend has been seen across the numerous cryptocurrencies in July.
However, this was not an ordinary pump in the crypto market as the crypto space recently witnessed significant events.
For example, the creator of the Ripple network notched a significant victory in the lawsuit filed by the Securities and Exchange Commission that benefited the overall crypto market largely.
In 2020, the SEC filed a case against the creator of Ripple for selling unregistered securities worth $1.3 billion in the form of XRP tokens.
On July 13, the Southern District Court of New York ruled in favor of Ripple, denying the claim of SEC to consider XRP sold through sales as security.
However, the court passed a motion for SEC to consider XRP tokens as securities sold to institutional investors. This is a huge victory for the whole crypto industry.
Following the win, the crypto market turned bullish. In his article, we will discuss the top 5 cryptocurrencies whose prices soared impressively in July month. So, let’s begin.
Here are the top 5 cryptocurrencies that surged significantly in the July month.
- Bitcoin
- Ethereum
- XRP
- XLM
- Worldcoin
1. Bitcoin
In the month of July, Bitcoin’s market capitalization soared impressively thanks to Ripple’s legal victory in the SEC lawsuit.
On July 13, BTC experienced an approximate 3.84% price increase, soaring from $30,550 to $31,719, successfully breaching the resistance barrier at $30K.
This price level marked the highest peak attained by Bitcoin in the past year, signaling a positive outlook for the broader crypto market.
However, the bullish momentum was short-lived, and Bitcoin (BTC) slipped below the resistance $30,000 level. This event once again highlighted the inherent uncertainty and extreme volatility prevalent within the crypto space.
According to Tradingview data, the BTC/USD pair witnessed a decline by the end of the month, and currently trading at $29,393 at the time of writing.
Market participants had foreseen price correction during the current week, given the substantial trading volumes from the rally the week before, which had pushed the market into overbought territory.
Evidently, the relative strength index (RSI) declined from 66.00 last week to 49.342 presently.
2. Ethereum
Another prominent cryptocurrency, Ethereum, also experienced a surge in July. It showed bullish momentum following the news of Ripple’s legal victory.
Despite the challenging conditions witnessed in the crypto market over the past year, Ethereum has been striving to overcome the resistance barrier at $2,000.
Surprisingly, Ethereum’s price witnessed a notable upswing of 8.13%, soaring from $1,868 to $2,020 on July 13.
However, similar to Bitcoin, ETH encountered a sharp decline and fell below $1900 within a few days. Subsequent to reaching a peak of $2,020 on July 13, the ETH/USD pair retraced to a low of $1,833 this week (on July 24).
Currently, Ethereum is trading at $1867.
The current market capitalization of Ethereum stands at $225.61 billion, accompanied by a significant surge in trading volume.
As prices ascended to a high of $2,020 over the course of several months, profit-taking activities by sellers have led to a corrective downturn.
Similar to BTC, this downward correction can be attributed to Ethereum’s price about to enter overbought territory, as indicated by the Relative Strength Index (RSI). However, currently RSI is at 47.34 level.
3. XRP
The surge in XRP tokens was triggered by a significant victory in the highly controversial lawsuit when the judge ruled in favor of Ripple, the issuer of the native token. A hike in the XRP price was expected.
According to Coinmarketcap data, XRP’s price experienced an impressive almost 100% surge, rapidly climbing from $0.47 to $0.938.
This favorable development resulted in a staggering $13 billion increase in XRP’s market capitalization, elevating it to a noteworthy $37.5 billion.
Consequently, XRP secured its position as the 4th largest cryptocurrency by market capitalization.
Also Read: SEC vs Ripple Lawsuit: Ripple Marks Significant Win
Currently, the price of XRP is exhibiting a neutral position, consolidating within the confines of a Bullish Pennant formation. This consolidation pattern signals the potential for an impending breakout.
In the event of a bullish breakout, the price could target the $1 resistance level, while a bearish breakout might lead to a retracement toward the $0.55 support level.
4. XLM
XLM, the native token of the Stellar Network, has witnessed a notable price surge following the rally in the XRP token.
It is noteworthy that Jed McCaleb, one of the co-founders of Ripple, also played a role in the creation of the Stellar Network.
The cryptocurrency XLM also rallied almost 60% overnight and its market capitalization also experienced a remarkable increase of 6.52%, reaching a total of $1.26 trillion.
On July 13, XLM’s price jumped from $0.095 to $0.19. However, since that peak, the price of XLM has undergone a retracement and is currently trading at the $0.1469 level at the time of writing.
A technical analysis using the Bollinger Band indicator suggests a potential consolidation phase for Stellar (XLM) at its current level before further upside momentum is likely to occur.
It is essential to take note that the XLM price is currently situated outside the range typically defined by the Bollinger Band indicator, indicating a potential deviation from its usual behavior.
5. WorldCoin
At the end, one of the most fascinating cryptocurrency projects stands, which is called WorldCoin. It is a cryptocurrency project dedicated to digital identity creation by leveraging the power of blockchain technology.
By following a full-fledged roll out on July 24, 2023, Worldcoin gained captured crypto markets rapidly. Within just an hour of its listing, the token surged over 60% and went up to the price of $3.30, reflecting the project’s potential and the market’s keen interest.
Currently, Worldcoin is experiencing a downward trajectory, as indicated by its price action and technical indicators.
The WLD/USD pair might see a potential breakdown below the support at $2.34, which could lead to further bearish momentum. The $2.78 resistance has been repeatedly tested but not broken, suggesting that bears have taken control of the market.
The Relative Strength Index (RSI) on the daily chart shows a bearish divergence, indicating a gradual fading of bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) on the 4-hour chart is in bearish territory, signifying increased selling pressure.
To counter the bearish outlook, bulls must defend the $2.34 support level. Failure to do so could lead to further losses, with the next key support at $2.12 possibly being tested.
This, combined with the downward triangle formation and the failed attempts to break the $2.78 resistance, strengthens the bearish case for Worldcoin in the short term.
Conclusion
Apart from the above-mentioned tokens, various other cryptocurrencies’ prices also increased in July. It includes Cardano, Solano, Polygon, SNX, COMP, Maker and others.
Some reasons and development like Ripple’s victory soared overall crypto market. It seems like a bearish trend returned to a lot of cryptocurrencies, though, most tokens are still struggling to maintain their peak.
