XRP Takes the Lead as Bitcoin and Top 10 Cryptocurrencies Surge Following Ripple's Legal Victory over U.S. SEC
XRP Takes the Lead as Bitcoin and Top 10 Cryptocurrencies Surge Following Ripple's Legal Victory over U.S. SEC
Following a favorable court ruling for Ripple, Bitcoin and the top 10 non-stablecoin cryptocurrencies experienced a rally, with XRP leading the way with a remarkable 62% surge in the past 24 hours.
During Friday afternoon trading in Asia, Bitcoin and other prominent non-stablecoin cryptos recorded gains. These gains were spurred by Ripple Labs' partial victory in a U.S. court ruling on Thursday. The court declared that Ripple Labs' programmatic sales of the XRP cryptocurrency did not qualify as the offer and sale of investment contracts, a significant blow to the U.S. Securities and Exchange Commission (SEC), which had accused Ripple of offering XRP as an unregistered security in 2020. This ruling marks a major milestone in the three-year legal battle between Ripple and the U.S. regulatory body. Consequently, XRP witnessed an impressive surge of over 62% within the past 24 hours.
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It is worth noting that XRP's rally had a ripple effect (pun intended) on the broader crypto market. Bitcoin, the largest cryptocurrency in terms of market capitalization, experienced a 2.46% gain, reaching US$31,115 within the 24-hour period until 4 p.m. Hong Kong time. Over the course of the week, Bitcoin saw a 3.69% increase. Ether, another significant player in the market, strengthened by 6.46% to reach US$1,991, with a weekly rise of 7.26%.
Buoyed by the favorable outcome of the SEC-Ripple case, XRP spearheaded a market-wide rally, surging by 62.71% to US$0.7674 and achieving a weekly gain of 65.47%.
In the Thursday ruling, Judge Analisa Torres of the New York Southern District Court determined that Ripple's programmatic sales of the XRP token on public exchanges do not fall under the category of securities. However, the verdict also stated that Ripple's sales of XRP to institutional investors did violate securities laws.
Stuart Alderoty, Ripple's chief legal officer, hailed the judgment as "a huge win" in a tweet, highlighting that the court only considered past direct XRP sales to institutional clients as investment contracts, with further court proceedings limited to these institutional sales.
In response to the ruling, major cryptocurrency exchanges such as Coinbase, Crypto.com, and Kraken Pro announced the resumption of XRP trading on their respective platforms, emphasizing the significance of the decision for the broader crypto industry.
Vincent Chok, CEO of First Digital, a Hong Kong-based consultancy, regarded the ruling as a win for the entire crypto market, asserting that if XRP is not considered a security, the same can be said for most tokens sold through exchanges. This decision could have implications for other tokens previously deemed securities by the SEC, potentially prompting the regulatory body to reconsider its approach.
Despite the relief felt by investors following the court's ruling, Ben Caselin, Vice President and Chief Strategy Officer at MaskEX, a Dubai-based crypto trading platform, cautioned that the legal battle is far from over. Caselin suggested that projects and token issuers intending to engage with the general public and institutional investors should exercise more caution in light of the evolving regulatory landscape.
XRP's trading volume within the 24-hour period surged by an astonishing 1,743.38% to reach US$13.27 billion, while its market capitalization strengthened by 64.52% to US$40.85 billion.
The positive outcome of the Ripple vs. SEC lawsuit also had a significant impact on the prices of other top 10 non-stablecoin cryptocurrencies. ADA, the token associated with Cardano, gained 22.88% to reach US$0.3526, with a weekly increase of 25.91%. Solana surged by 31.98% to US$28.75, marking a 47.96% rise over the week. Matic, the token of Polygon, recorded a 17.96% gain within 24 hours, amounting to US$0.8555, and achieved a weekly increase of 29.4%.
Minal Thukral, Executive Vice President of Growth and Strategy at CoinDCX, India's first crypto unicorn, highlighted that the resolution of the lawsuit could instill greater confidence among investors and the market in XRP. Thukral believes this could attract new investors, enhance liquidity, and drive higher trading volume for XRP.
The overall cryptocurrency market capitalization experienced a 5.59% rise, reaching US$1.25 trillion, while the market volume increased by 131.39% to US$70.53 billion within the past 24 hours
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