MKR, XRP, & XLM Shine in July: Will Momentum Continue in August?

• July was a successful month for several cryptocurrencies, with MakerDAO’s MKR, Ripple’s XRP, and Stellar’s XLM recording major gains.
• Bitcoin Cash and Litecoin had negative gains in July due to seasonal risks.
• If the US Securities and Exchange Commission approves an ETF of a well-established cryptocurrency, the market could gain more traction.

Crypto Gainers in July

July 2023 was one of the best months in the first half of the year as several cryptos recorded incredible growth to regain a considerable proportion of their lost gains from a series of unfortunate crypto events. MakerDAO’s (MKR) saw a massive gain of 47 percent in July with its near one-year high coming on July 21. XRP was the second-performing asset with a surge of 46.6 percent in July while Stellar’s XLM token also saw an interesting surge of 35 percent in July. Solana Saw Growth While BCH, LTC, and Other Cryptos Performed Poorly These named assets were followed by Solana (SOL) which recorded a growth of 25 percent in July.

Maker DAO’s MKR

Maker’s rally was triggered by the introduction of the buyback program for its token MKR and still has a bullish sentiment, trading at $1,333.46 as press time after gaining 15% over seven days period.

XRP

XRP’s surge was resulted by court ruling that sales on exchanges do not constitute an investment contract which enabled it to almost double its price to hit 93.8 cents on 13th July but since then it pulled back to trade at $0.695303 falling 1% over past week.

Stellar’s XLM Token

XLM is currently trading at $0.149683 and has made a seven-day gain of 4 percent following research paper issued by Stellar Foundation explaining its off-ramps which changed investors‘ narratives toward seeing it as opportunity for more fundamental based move enabling 12% price rise within 24 hours time frame period .

US SEC Decision Could Have Positive Impact On Market

The market could even gain more traction as US Securities and Exchange Commission is set to decide on multiple spot Bitcoin ETF applications if approved this would be beneficial for established cryptocurrencies increasing their traction even further according to Christopher Newhouse independent crypto derivatives trader .