The broader cryptocurrency market is cheering the major victory for Ripple in the SEC lawsuit, with most altcoins witnessing a parabolic rally along with the XRP price surge.
Altcoins such as Cardano (ADA), Solana (SOL), Polygon (MATIC), and Stellar (XLM) have skyrocketed the most, each gaining between 25 and 50%. With XRP not getting “security” status, the outcome of the Ripple vs SEC lawsuit could have a huge impact on these cryptocurrencies.
Last month, when the SEC filed a lawsuit against crypto exchange Coinbase, the SEC listed ADA, SOL, MATIC, and XLM as securities. The outcome of the Ripple case gives investors hope that these altcoins may be free from the “security” status.
Top US exchanges faced a snag after the court ruling on XRP. With the recent altcoin price, trading volumes on crypto exchanges have skyrocketed to new highs, leading to mass liquidations.
The price of Solana (SOL) is holding up well, recently up more than 50% in the past week. Some popular crypto analysts have given a 20x price increase prediction for Solana.
Altcoin Rally: Ethereum Blasts Past $2,000
The XRP ruling has sent the broader crypto market into a state of joy. Ethereum (ETH), the second largest cryptocurrency in the world, also made a strong move, gaining 8%, with the price shooting above $2,000.
At the time of writing, Ether (ETH) is trading at a price of $2012 with a market cap of $241 billion. Note that there is strong resistance for Ether at $2,100 as 1 million addresses bought 27 million ETH in the price range between $2040-$2100.
— Ali (@ali_charts) July 11, 2023
Other altcoins such as Dogecoin (DOGE), Polkadot (DOT), and Avalanche (AVAX) have also gained more than 10% in the broader crypto market rally.
Following the Ripple lawsuit, some pro-crypto legislators have already proposed turning the verdict into law. U.S. House Majority Whip Tom Emmer said:: The Ripple case is a monumental development to establish that a token is separate from any investment contract it may or may not be part of. Let’s make it a law.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is constantly in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post SOL, MATIC, XLM, ADA benefit the most from Ripple Ruling
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