XRP failed to retain the gains picked up on the back of the lawsuit victory, underperforming against the top crypto assets in August with a 26% decline.
XRP’s ordeal began a few days after the sudden price spike witnessed on July 13. The asset slid into a consolidation phase after a mild correction in July. However, the bearishness intensified in August, leading to a 26% decline.
In a recent post, leading market intelligence provider Kaiko called attention to this underwhelming performance. Kaiko confirmed that XRP declined by over 25% in August. Notably, Binance data puts this rate at 26.75%.
?#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
It is important to note that the broader crypto market saw a drop in valuation in August. Interestingly, most top mainstream assets also shed their values during the month. However, as highlighted by Kaiko, XRP slumped lower than most assets.
In an accompanying chart, Kaiko visualized the performance of the top five altcoins, excluding Ethereum (ETH). Among them, XRP saw the worst performance in August. Interestingly, when paired against Bitcoin (BTC) and ETH, XRP also underperforms.
As earlier mentioned, the broader market saw a slump in August, and BTC did not escape the onslaught. Per Binance data, the firstborn crypto declined by 11.26% in August. Despite this drop, BTC managed to hold above the $25,000 point.
Bitcoin‘s 11.26% decline suggests the asset demonstrated better resilience than XRP. With its 26.75% drop, XRP’s rate of descent in August was 137% higher than Bitcoin’s. The XRP/BTC chart dropped by 17.55% last month.
Ethereum’s resilience in August was slightly less impressive than Bitcoin’s. Last month, the second-largest asset by market cap dropped by 11.33%, representing a better performance than XRP’s 26.75% decline.
As a result, the XRP/ETH pair declined by 17.45% in August. Interestingly, XRP still outperforms ETH over the past two months. Notably, ETH failed to capitalize on the bullish sentiments in July, dropping by 4% that month, when XRP increased by 47.52%.
Cardano (ADA) was among the biggest losers of August, but it still performed better than XRP during the month. Notably, ADA saw a 16.81% drop in August. This followed a meager 7% increase observed in July.
Dogecoin (DOGE) was also caught in the brawl between the bears and the bulls last month. The asset, regarded as the first memecoin, saw its value depreciate by 18.11% in August. However, even with this decline, DOGE outperformed XRP last month.
XRP Yearly Gains
Despite this turn of events, XRP still largely outpaces most assets this year besides BTC. The asset’s annual gains stem from the occasional solo rallies staged across several months. The 47.52% gain in July also contributed to the yearly gain.
XRP is up 48% since January 1, while BTC has gained 55.6% within the same timeframe. In contrast, ETH is up 36%, with ADA only seeing a mild 4% gain. Meanwhile, DOGE is the only asset on the list with a loss this year, down 9% since January 1.