- Following a federal judge’s decision in the United States that XRP
, which powers the Ripple network, is not a security in certain contexts, a green sea appeared among popular altcoins.
- Several other altcoins previously considered securities by the U.S. Securities and Exchange Commission (SEC) also benefited from the rising tide.
- According to recent data, several other cryptocurrencies previously labeled securities in certain contexts by the SEC have shown remarkable performance.
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The court ruling regarding the SEC and Ripple case fueled the price of XRP and had a ripple effect on other cryptocurrencies!
Judge’s Ruling Boosts the Market
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Following a federal judge’s decision in the United States that XRP, which powers the Ripple network, is not a security in certain contexts, a green sea appeared among popular altcoins, and the top cryptocurrencies experienced double-digit percentage increases in the past 24 hours.
Upon the news, XRP saw a surprising 93% surge and traded above $0.93, which was enthusiastically celebrated by the self-proclaimed “XRP army” community on Twitter.
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In addition, Bitcoin surged to $31,479, while Ethereum surpassed $2,000 and touched $2,012. Several other altcoins previously considered securities by the U.S. Securities and Exchange Commission (SEC) also benefited from the rising tide. Solana (SOL) rapidly rose by 17% during the day and started trading at around $26, marking a 32% increase for the week.
Polygon (MATIC), the Ethereum scaling network that made headlines last week due to a management shakeup, also had a positive day with a 16% increase, trading at $0.84 during the day, indicating a 27% weekly increase.
Meanwhile, Cardano (ADA) traded above $0.32 during the day, representing an almost 13% daily increase, while Stellar (XLM) experienced a significant 35% surge during the day and is currently trading above $0.13.
According to recent data, several other cryptocurrencies that the SEC previously labeled securities in certain contexts also performed well. However, the increase in these cryptocurrencies over the past 24 hours was not as significant as the aforementioned tokens.
Filecoin (FIL) showed a relatively modest 6% increase today but had a positive performance throughout the month with a 25% increase in its market value, trading at $4.55. Cosmos (ATOM) had a similar 6% green increase and experienced nearly a 12% increase over the past 30 days, currently trading above $9.60.
Despite Positive Developments, the Outcome of the XRP Case Is Still Uncertain
Analysts generally regarded the judge’s decision as a positive step for the crypto space, providing clarity for investors and developers. However, the ruling that XRP is not considered a security in certain contexts is not yet fully concluded.
Chris Martin, Head of Research at Amberdata, stated, “Today’s rulings are a big step for the industry. By first determining that XRP is not a security, we are starting to gain clarity on what constitutes a security versus a commodity.”
Chris Martin believes that the SEC will have to review its tactics in its ongoing cases and expects this decision to lead to the conclusion that many other tokens are not securities. However, despite the jubilation on crypto Twitter today, Cory Klippstein, CEO of Swan Bitcoin, issued some warnings:
“The judge did not provide a summary judgment on whether the programmatic sales of XRP through exchanges constitute a securities sale, which means this issue will be further litigated.”
Klippstein added that he believes the secondary trading of altcoins on exchanges will not be ignored and that it is compliant with existing laws.