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

• July was a successful month for cryptocurrencies, with MakerDAO’s MKR, Ripple’s XRP, and Stellar’s XLM recording significant price gains.
• Bitcoin Cash and Litecoin both had negative gains in July, but the market may gain more traction with the US Securities and Exchange Commission deciding on multiple spot Bitcoin ETF applications.
• Solana (SOL) recorded a 25 percent growth in July, but it has since lost some of its gains to trade at $23.67.

July Crypto Gainers Shine

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 portion 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 after the introduction of the buyback program of the token. XRP was the second-performing asset with a surge of 46.6 percent in July triggered by court ruling that token sales on exchanges do not constitute an investment contract. Stellar’s XLM token also saw an interesting surge of 35 percent in July due to research paper issued by Stellar Foundation to explain its off-ramps.

Maker’s Performance

Maker still has a bullish sentiment and has in the last seven days surged by 15 percent to trade at $1,333.46. Immediately after this, it nearly doubled its price to hit 93.8 cents on July 13 as per press time; however, it has pulled back to trade at $0.695303 with 1 percent loss in last seven days. The market could even gain more traction as US Securities and Exchange Commission is set to decide on multiple spot Bitcoin ETF applications soon which could change investors‘ narrative about Maker as well as other cryptos positively or negatively depending upon outcome of decision taken by SEC regulatory body about aforementioned ETF applications submission status

Solana Records Growth

Solana (SOL) was followed by other cryptos such as Bitcoin Cash and Litecoin which recorded negative gains but SOL recorded good growth rate for month i-e 25%. It is currently trading at $23