MakerDAO’s MKR was the leading gainer among the constituents of the Coindesk Market Index (CMI) in July, advancing 47%. The native token of Ripple Labs, XRP was just behind, adding 46.6% during the month as a U.S. judge ruled the sale of XRP tokens on exchanges as not constituting as investment contracts.

The two leading cryptocurrencies by market cap, bitcoin (BTC) and ether (ETH) each lost 4% last month.

Much of MKR’s surge to a near a one-year high price came on July 21 following the introduction of a token buyback program.

Ripple at one point during the month had nearly doubled, climbing to as high as 93.8 cents on July 13 immediately after the District Court for the Southern District of New York said the sale of XRP on digital asset exchanges did not amount to investment contracts. XRP has since pulled back to the $0.70 level, but still sported a big gain for July.

Also witnessing noticeable gains across July was Stellar’s XLM token, which climbed 35%. The Stellar Foundation issued a research report detailing its off-ramps last week, which one analyst cited as the reason for the token’s daily sudden move where it jumped 12% in 24 hours. Christopher Newhouse, an independent crypto derivatives trader, noted that traders saw the report as an opportunity for a more fundamental based move to continue on the back of the narrative that XLM is one of the most well-connected and integrated USDC cash off-ramps.

Other gainers in July included Solana’s SOL which was up 25%, likely in concert with the big move higher for Ripple.

The assets faring worst last month included bitcoin cash (BCH), which lost 20%, and litecoin (LTC), which dropped 18%. Litecoin’s decline came ahead of the token’s third halving event – a programmed 50% reduction in the pace of new issuance of the cryptocurrency – which is expected to take place tomorrow.

Looking forward, August tends to be a slow month for markets. FundStrat said in a note to investors that although the final month of the summer tends to be a time for market depth to weaken, the fact that so many cite August as a seasonal risk, “actually makes us think this is less likely to be the case.”

One positive upcoming catalyst might be an SEC decision on any of the numerous spot bitcoin ETF applications. The market is optimistic this will eventually get done,” said LMAX Digital in a morning note. “An approval of an ETF of a well-established and well-respected name like BlackRock could really open the door to a huge wave of demand, ushering in the next major push for institutional adoption.”

In 2022, bitcoin tumbled 14% in August and ether dipped 8%. In traditional markets, August has been the worst month on average for U.S. stocks for the last 35 years.