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After starting the week at $3.45 and peaking at $3.64 on July 21, XRP fell more than 13% to $2.99. It later recovered, ultimately closing the week at $3.18, marking an overall loss of just under 8%. Conversely, BCH emerged as the biggest gainer, rising 8.7% to around $555. BNB followed with a 6.7% increase, and SUI gained 6.4%.
XRP’s Swift Reversal: From Rally Leader to Steepest Decline
After briefly spearheading an exhilarating altcoin surge just a fortnight prior, XRP abruptly reversed course, leading the charge in the opposite direction over the past seven tumultuous days. Indeed, having opened the week at a promising $3.45, XRP initially rallied, touching $3.64 on July 21 – a mere two cents shy of its coveted all-time high.
However, beginning on July 23, the third-largest digital asset by market capitalization commenced a precipitous descent that saw it plunge by more than 13% to $2.99. Although it did manage a brief and valiant recovery the following day, clawing back to $3.24, this reprieve proved fleeting.
By 10:00 a.m. EST on July 25, the digital asset was once again struggling, trading precariously around $3.02. XRP ultimately crossed the finish line of a tumultuous week, trading just over $3.18, bringing its overall loss for the seven-day period to just under 8%. This drop cemented XRP’s position as the digital asset with the steepest weekly loss among the top 20 ranked by market capitalization.
Supporting this narrative, Coingecko data revealed that XLM suffered the next highest weekly losses, shedding a notable 5.9% of its USD value. It was followed closely by DOGE, which dropped 5.4% during the week, and TRX, ending the period down 2.7%. On the other hand, BTC, which briefly dipped below $115,000 on July 25, emerged relatively unscathed, closing the week a mere 0.6% lower.
Overall, only eight digital assets within Coingecko’s top 20 closed the week in the red, while obscure altcoins NILA and PUMP proved to be the most catastrophic performers, plummeting by 56.6% and 39.2% respectively.
BCH Leads Weekly Gainers
Meanwhile, BCH staged a remarkable turnaround, emerging as the week’s biggest gainer after ending it a robust 8.7% higher to close around $555. This performance was a striking reversal from two weeks prior, when BCH was an outlier, trending downwards even as the rest of the crypto market surged.
BNB, which achieved a significant new milestone during the week, secured its spot as the second-biggest gainer, having risen by 6.7%. SUI, enjoying a 10% surge in 24 hours at the time of writing, concluded the week 6.4% higher, making it the third largest gainer.
ETH and SOL also closed the week positively, registering gains of 5.1% and 5.8% respectively, while MEMECOIN delivered an astonishing performance, skyrocketing by a whopping 5,425%.