JPEX traders experienced great gains during the second week of July after seeing a significant plunge in their investment portfolios over the past weeks.
Over seven days, Coinbase (the largest cryptocurrency exchange by trading volume in the United States), the Securities and Exchange Commission (apex regulatory body in the USA), technology company Google, social media platform Telegram, and cross-border network Ripple made headlines.
Within the period, coins and tokens such as Ripple (XRP), Compound (COMP), 1inch Network (1INCH), Solana (SOL), and Stellar Lumens (XLM) headlined the best-performing cryptocurrencies from Sunday, July 9 to Saturday, July 15.
Below, we take an in-depth look at the price performance of the aforementioned digital assets.
Ripple (XRP) soared more than 50%
Ripple was initially released in 2012 with its stable release coming through in 2018 as a remittance network, currency exchange, and real-time gross settlement system.
Its native cryptocurrency is called XRP and it plays an instrumental role in cross-border payments where it serves as a source of On-Demand Liquidity (ODL).
Over the week, XRP increased by 52% after its parent company Ripple won its case against the SEC after two-and-half years of going back and forth.
SEC charged Ripple and their executives in December 2020 for selling unregistered securities. Within the week, a judge threw out this argument, and this led to a rebounding of the market.
Crypto exchanges Coinbase and Gemini have disclosed their intentions to support XRP for trading again.
XRP reached a weekly high price of $0.8875 on Thursday, July 13 (the day of the ruling). On that day, it’s trading volume shot up to more than $10 billion after seeing a daily low within the week of approximately $324 million.
This came three days after the coin tested a daily low of $0.4646 on Monday, July 10 after opening the period at $0.4688 on Sunday, July 9. XRP closed the week on Saturday, July 15 at $0.7133.
This impacted the project’s market value positively from $24 billion to $37 billion, data from crypto price tracker CoinMarketCap showed. Analyst Daria Morgen at Changelly Blog foresees XRP re-testing some of its price milestones in the future. She believes XRP could reach the best possible prices of $1.30 and $1.93 in 2025 and 2026 respectively.
Compound (COMP) ascended by more than 40%
COMP is the novel token of Compound, a decentralized finance lending protocol that allows its users to earn consistent passive income in the form of interest on their digital assets by becoming liquidity providers (LPs).
Over the period, COMP benefitted from increased investor interest that engulfed the market thanks to Ripple’s effect on the industry.
With daily trading volume between $113 million and $218 million, COMP opened the week on Sunday, July 9 with a trading price of $53.94, rose to a weekly high price of $77.68 on Saturday, July 15, and tested a weekly low price of $51.99.
COMP closed the week on Saturday, July 15 with a much-improved trading price of $76.10.
COMP’s 41% rise took its market capitalization to around $591 million from approximately $468 million.
Analysts David Cox at CryptoNewsZ sees a potential ascension in COMPs price in the future.
According to him, the token could reach the highest possible price of $95.93 by the end of 2024 and $117.87 by the year’s end of 2025.
Stellar rose more than 25%
Stellar is among the most used peer-to-peer (P2P) decentralized networks in the crypto industry. It is mostly tagged as the primary competitor to Ripple.
Its native asset is called XLM. Like XRP, it also plays an instrumental role in overseeing all the activities on the Stellar Network.
When Bitcoin (BTC) shoots up in price, others such as Litecoin (LTC) follow.
In the same way, if XRP spikes by more than 50%, its competitors such as XLM naturally follow suit, and that is what happened over the week.
The bulls of XRP reflected positively in XLM and this took the coin’s gains to 28%.
Daily trading volume reached a peak of $1 billion on Thursday, July 13 – also reached a weekly high price of $0.183.
XLM closed the week on Saturday, July 15 with a much-reduced price of $0.1279 after opening and testing weekly low prices of $0.09955 and $0.09554 respectively.
Analyst Elena R. at CoinPedia estimates XLM to reach the best possible prices of $1.02 (2026), $1.25 (2027), and $2.04 by the end of 2030.
Solana went up by 25%
SOL is the native asset of Solana, a highly functional open-source project that thrives on blockchain technology’s permissionless nature to provide DeFi solutions.
As one of the ever-growing ecosystems in the sector, SOL benefitted from the release of the Messari Report on the State of the Solana ecosystem in the second quarter of 2023.
The report highlighted key metrics, initiatives, and ecosystem developments over Q2 2023.
SOL reached a weekly high price of $30.06 on Friday, July 14 on the back of a rise in investor interest which was reflected in daily liquidity.
Daily trading volume ranged between $405 million and $2 billion and this took the project’s market value from $8.6 billion to $11 billion.
Overall, SOL’s 25% rise came from opening the week at $21.85 and closing at $27.39 after testing a weekly low of $20.57 on July 10.
Analyst Leo Hudson at Price Prediction.net foresees SOL reaching the biggest possible prices of $43.22 (2024), $135.90 (2027), and $467.54 by the year’s end of 2030.
1inch Network (1INCH) spiked by 20%
1INCH, the novel token of the 1inch Network, a decentralized protocol whose synergy enables the most lucrative, fastest, and protected operations in the DeFi space increased by 20% during the week.
1INCH’s price rise was driven by updates and integrations.
The highlight of this was the integration of SushiSwap Vault Three (V3) and VelodromeFi Vault Two (V2) with the 1inch Network.
The daily trading volume ranged between $8 million and $80 million. 1INCH closed the week at $0.3689 after reaching a weekly high price of $0.3787 and opening the week at $0.306.
Analysts at Digital Coin Price forecast 1INCH to reach the biggest possible prices of $0.94 by the close of 2023, $1.10 by the year’s end of 2024, and $1.54 by the end of 2025.
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