XRP & XLM Surges, Bitcoin’s $32K Struggle: Latest Crypto News
Nova Reyes
Markets Navigator
TL;DR
This week in cryptocurrencies saw XRP and XLM surge following Ripple's legal victory, while Bitcoin struggles to reach $32K.
Key Takeaways
- XRP surged over 90% after Ripple's court victory against the SEC.
- XLM jumped 18% following Ripple's win, becoming a top performer.
- Bitcoin has struggled to reach the $32K mark, declining by 0.79% in the last week.
- Other altcoins like ADA and SOL also experienced significant growth.
- UNIBOT, a new Telegram-integrated cryptocurrency, is gaining attention.
Winning Streak for XRP, XLM, and Other Altcoins
Insights of XRP
Following Ripple's victory in a lawsuit against the SEC, XRP surged to new heights with a more than 90% jump on the day of the court's decision. On Wednesday, XRP was trending stronger than Bitcoin and other altcoins, currently standing in 4th position among cryptocurrencies. While some claim XRP is a competitor to Bitcoin, experts note Bitcoin's market value is ten times greater than XRP.
Markus Levin, Co-founder of XYO, stated to CoinDesk, ‘XRP is witnessing returns of investors after the historic legal win for Ripple.’ Exchanges like Coinbase, Bitstamp, and Kraken are considering relisting XRP.
Insights of XLM
XLM, the token of Stellar, jumped 18% on July 19. Following Ripple's victory, XLM has shown a strong upward trend, with a 24.43% increase, making it the top-performing cryptocurrency over the past 24 hours on CMC.
Other Altcoins
Other altcoins, such as ADA and SOL, have also witnessed significant growth. ADA shows a growth of 13.25% this week, while SOL surged by 22.68%. Both currencies rose over 6%, outperforming leading cryptocurrencies like Ether and Bitcoin.
| Altcoins | Price | Volume (24 hours) | Market Cap | Growth in last 24 hours |
|---|---|---|---|---|
| XRP | $0.8465 | $3.89 Billion | $43 Billion | +4.45% |
| XLM | $0.1656 | $1.033 Billion | $4.5 Billion | +20.43% |
| ADA | $0.3253 | $484.2 Million | $11 Billion | +2.74% |
| SOL | $26.82 | $554.8 Million | $10 Billion | +2.29% |
(Data indicating the latest trend of XRP, XLM, ADA, and SOL as of 20/07/2023 8:10 AM)
The Curious Case of Bitcoin’s Struggle to Reach $31K Mark
Despite Ripple's legal triumph, Bitcoin has struggled to reach the $32K mark. Analysts had predicted Bitcoin would reach this target in July, but it has instead declined by 0.79% over the last week. Although Bitcoin has a volume of over $11 billion, its rise is crucial for the overall crypto market. The decline is attributed to a lack of trader activity in the derivative market, decreasing funding, and increasing liquidity issues.
UNIBOT: An Entry of New Character to Crypto World
UNIBOT is a new cryptocurrency integrated with Telegram, allowing users to trade directly through chat. Despite being a new service, UNIBOT is attracting traders globally, with a market capitalization of $80 million and a price of $80 per token.
In Retrospect
The crypto world witnessed an exhilarating week with Ripple’s legal triumph leading to impressive surges in XRP and XLM, along with significant growth in other altcoins like ADA and SOL. However, Bitcoin's struggle to reach the projected $32K mark puzzled investors, with a 0.79% decline in the last seven days. Meanwhile, the entry of UNIBOT as a Telegram-integrated cryptocurrency has garnered attention from traders worldwide. As the crypto market continues evolving, traders and enthusiasts brace themselves for more exciting developments.