The bullish rally that took place in the early morning hours of Monday, July 18, was another victory for XRP, which managed to climb up to the sixth spot by market capitalization on CoinMarketCap. At $17.63 billion, XRP not only surpasses Binance USD stablecoin but also its competitors Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) by many billions of dollars.
XRP’s conquest of the sixth spot is primarily due to a more than 20% weekly increase in the token’s price, 8% of which came from the current bullish momentum. However, that is the consequence, not the cause.
What caused XRP’s outperformance?
We can safely assume that the drivers of XRP price growth are both fundamental and technical.
Fundamental triggers include the final emptying of Jed McCaleb’s wallet, who had a habit of selling XRP at key token price levels. The SEC lawsuit against Ripple that gained momentum definitely had a positive impact as well. Of no small note would be the rapid development of the XRPL ecosystem, which is actively developing and, in its own way, promoting XRP as the cornerstone of its operations.
From the technical point of view, we can assume that the price of XRP simply had nowhere else to fall. After the last capitulation in early June, XRP went into a long accumulation phase in the $0.3 to $0.375 range. With no reason to fall further and no longer being dropped at the upper end of the price range, it rapidly surged upward as the overall crypto market rose.