The ruling has led to a renewed interest in altcoins, as investors hope that they will not be classified as securities by the SEC.
The overall cryptocurrency market is celebrating Ripple’s significant victory in the SEC lawsuit, resulting in a surge in both XRP price and a parabolic rally among various altcoins.
Altcoins such as Cardano (ADA), Solana (SOL), Polygon (MATIC), and Stellar (XLM) have experienced significant surges, ranging from 25% to 50%. The outcome of the Ripple vs SEC lawsuit, where XRP was not classified as a security, could have a substantial influence on the future of these cryptocurrencies.
In the previous month, the SEC filed a lawsuit against Coinbase, classifying altcoins like ADA, SOL, MATIC, and XLM as securities. However, the positive outcome of the Ripple case has instilled hope among investors that these altcoins may no longer be considered securities in the future.
Major US exchanges encountered difficulties following the court ruling on XRP. The surge in altcoin prices has resulted in a significant increase in trading volumes on cryptocurrency exchanges, leading to substantial liquidations.
Solana (SOL) has been experiencing a strong upward trend, with its price surging over 50% in the past week. Several well-known cryptocurrency analysts have predicted a potential price surge of 20 times for Solana in the future.
Ethereum surges past $2,000:
The ruling on XRP has brought joy to the entire cryptocurrency market. Ethereum (ETH), the second-largest cryptocurrency globally, has also experienced a significant increase, rising by 8% and surpassing the $2,000 price mark.
At the moment, Ether (ETH) is being traded at a price of $2,012, and its market capitalization stands at $241 billion. It’s worth noting that Ether faces a significant resistance level at $2,100, as around 1 million addresses have acquired 27 million ETH within the price range of $2,040 to $2,100.
Notice that #Ethereum sits on top of stable support between $1,800 and $1,870, where 3.4 million addresses bought 11.2 million $ETH.
However, the resistance between $2,040 and $2,100 is more significant. Here, 1 million addresses had previously purchased 27 million #ETH. pic.twitter.com/i8Vy4W7MW0
— Ali (@ali_charts) July 11, 2023
Other altcoins such as Dogecoin (DOGE), Polkadot (DOT), and Avalanche (AVAX) have also experienced significant gains of over 10% during the recent rally in the cryptocurrency market.
Following the outcome of the Ripple lawsuit, several lawmakers supportive of cryptocurrencies have suggested turning the judgment into a formal law.
US House Majority Whip Tom Emmer expressed his view by stating that the Ripple case is a significant milestone in establishing the separation of tokens from investment contracts they may or may not be associated with. He proposed enshrining this principle into legislation.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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