Ripple’s Partial Victory Propels Cryptocurrencies To New Heights

Major cryptocurrencies surged on Thursday evening, propelled by a partial Ripple Inc victory that resulted in Bitcoin and other prominent digital assets soaring to new heights. Ripple is the company associated with the XRP token.

Cryptocurrency

Gains +/-

Price (Recorded 9:30 p.m. EDT)

Bitcoin (CRYPTO: BTC)

+3.48%

$31,411

Ethereum (CRYPTO: ETH)

+7.61%

$2013

Dogecoin (CRYPTO: DOGE)

+8.89%

$0.070

Ripple achieved a partial victory against the Securities and Exchange Commission (SEC) in a recent court ruling. 

Judge Analisa Torres partially sided with the company in a case filed by the Securities and Exchange Commission back in 2020. As per the documents filed on July 13, Judge Torres granted summary judgment in favor of Ripple Labs. The ruling stated that the XRP token is not considered a security in relation to programmatic sales on digital asset exchanges.

However, the court also ruled that the institutional sale of XRP can be categorized as a security when it is sold to institutional investors, as it meets the conditions outlined in the Howey Test.

In response to this ruling, XRP, the native cryptocurrency of XRP Ledger, reached a peak increase of 96%, with a value of $0.93. This level of pricing has not been witnessed since March 2022.

It’s worth mentioning that XRP Ledger is an open-source, public blockchain specifically created to enable expedited and cost-efficient payments.

Top Gainer (24 Hour)

Cryptocurrency

Gains +/-

Price (Recorded 9:30 p.m. EDT)

XRP

+60.90%

$0.7583

Stellar

+51.59%

$0.1453

Solana

+34.45%

$29.29

At the time of writing, the global crypto market capitalization stood at $1.26 trillion, an increase of 6.52% over the last day. 

U.S. stocks rallied on Thursday following a favorable inflation report, propelling both the S&P 500 and the Nasdaq Composite to their highest levels in more than a year. The S&P 500 surged 0.85% and the Nasdaq Composite experienced even greater gains, rising 1.58%.

“Bitcoin holds $30,200 and most likely will start looking at range high again. Another test and we’ll have a swift breakout to $38,000,” wrote crypto trader Michael Van de Poppe.

Pseudonymous analyst Kaleo believes that XRP’s victory in this case against the SEC is ten times more bullish to him than any ETF filings like BlackRock and Fidelity.

Data from on-chain analytics firm Santiment said XRP’s social dominance, which measures the percentage of discussions related to an asset compared to all top 100 market cap assets, has surged to 7.4%. This marks the highest level of discussion about XRP since January 2021. The significant attention and FOMO surrounding XRP suggest that a cooldown period may be on the horizon. However, once traders shift their focus elsewhere and stop paying attention, there is a strong possibility of a second pump wave occurring.
 

📊 In a major victory for #Ripple, $XRP has been ruled as a non-security. In an equally big victory for $XRP hZenger News, the price pumped +87% in just 3 hours. Our latest insight covers exciting whale activity, huge social dominance & volume, and plenty more. https://t.co/mTvvtMHqQ6 pic.twitter.com/QiXur9Et98

— Santiment (@santimentfeed) July 13, 2023

Produced in association with Benzinga

Edited by Saba Fatima and Maham Javaid