XRP Outperformed by BTC, ADA, ETH, and DOGE Following Its 25% Value Drop in August

XRP, the native coin of Ripple Labs, could not maintain its bullish momentum after the lawsuit victory against the US SEC. In August, the crypto asset recorded a 25% drop in market value, making it underperform against other cryptocurrencies of its cadre.

XRP's Underperformance After Brief Bull Run

XRP, a cryptocurrency termed security by the US SEC, created a buzz across the crypto community when Judge Torres partially dismissed the SEC's claim on July 13, 2023.

The court ruling triggered a short-lived bull run in the XRP's market, forcing its price to surge. However, the asset later relapsed from the bullish state.

XRP recorded noticeable buying pressure to recover the bullish trend but failed to sustain it. But instead, the token slipped into a bearish state throughout the remaining days of July.

Moreover, Kaiko, a crypto data provider, revealed that XRP further plummeted significantly in August, resulting in a 25% price loss.

#XRP has failed to keep its post-ruling gains and is down by more than 25% in August, underperforming the top altcoins. pic.twitter.com/WflMWzGGAn

- Kaiko (@KaikoData) September 5, 2023

Note that the global crypto market recorded a fall in valuation in August. This affected most of the top crypto assets, but XRP depreciated more in market value, according to Kaiko's chart.

Kaiko's chart shows the performance of the five top crypto assets, and they include SOL (Solana), BNB (Binance native coin), ADA (Cardano), Doge (Dogecoin), and XRP (Ripple). From the chart, Dogecoin was the next underperformed crypto asset after XRP in August.

Bitcoin's Performance

As stated earlier, the global crypto market declined in August, and Bitcoin (BTC) shared in unfavorable conditions. According to historical data from TradingView, BTC recorded a 3-day free-fall with a 15% price decline in August. But notwithstanding, the asset fought to remain above the $ 25,000 price level.

The BTC's 15% drop in price shows that it resisted the negative market sentiment far better than XRP, which recorded a 25% fall in value due to the same cause. TradingView also reveals that the XRP/BTC market declined by a 28% price loss in August.

Ethereum's Performance

Also, Ethereum, the second largest crypto by market cap, received its share of the global crypto onslaught in August.

Data from TradingView shows that the crypto asset recorded a 19% price decline, performing better than XRP but less than Bitcoin, which recorded a 14% drop. Again, the XRP/ETH market recorded a 23% price drop in August, according to data from TradingView.

Cardano's Performance

ADA is one of the crypto assets with significant losses in August following negative sentiments in the wider crypto market. However, it demonstrated an impressive resilience better than XRP. ADA recorded a 22% price decline against XRP's 25% price loss in the same month under the same circumstance.

Dogecoin's Performance

Another crypto asset hit by the unfavorable market conditions in August is Dogecoin. Data from TradingView shows the asset recorded a 23% price drop, slightly outperforming XRP, which recorded a 25% price decline in the same month.

What's XRP's Gain in the Year?

Nonetheless, reports show that XRP has outperformed many crypto assets despite the downturn in the past few months. Remarkably, the asset recorded a market gain of 47.52% in July and a 48% gain from January to September.

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