The leading cryptocurrencies have outperformed XRP, which has failed to hold onto its post-ruling gains and is down by more than 25% in August, according to crypto research firm Kaiko.
After a U.S. court ruled that XRP is not a security when traded on secondary markets, its value increased in July. But it has since had trouble holding onto its advantages. As traders took gains in August, the price of XRP declined by more than 25%, lagging the top cryptocurrencies.
Kaiko highlights the reasons why XRP has been unable to hold onto its gains in a new study paper. Upbit, the biggest Korean Exchange, and OKX had the most intense selling pressure over the course of the previous month, while Coinbase witnessed an increase in purchasing. This is according to the average proportion of sale volume for XRP.
Is XRP on verge of comeback?
After the SEC delayed making a ruling about numerous ETFs until October, markets started to decline towards the weekend. Additionally, XRP has fallen and is currently selling at a lower price. In the past 24 hours, XRP has climbed by 0.15% to $0.502.
XRP is currently trading in a consolidation pattern like to the one that came before its significant jump on July 13, immediately following the lawsuit’s ruling, returning to its narrowest range in weeks.
The daily MA 200, which is presently around $0.51 and holds the key to additional rises for the crypto currency, is where XRP is currently struggling to gain foothold. If bulls pass the $0.51 immediate obstacle, the $0.62 level can come into view.
However, Kaiko saw a favourable development for XRP, which had significantly more trading activity than other cryptocurrencies, despite the summer slump.
The two next-largest cryptocurrencies by trading volume, SOL and BNB, had $128 million and $121 million, respectively, compared to an average of $462 million for XRP in the preceding month.
