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Major Cryptocurrencies Experience Sunday Evening Decline After Favorable Ripple Ruling

Crypto Prices Decline as Ripple-SEC Case Rally Fizzles Out
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Major cryptocurrencies experienced a decline on Sunday evening following an unexpected rally in crypto prices last week, which was triggered by a favorable ruling in the Ripple-SEC case.



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Last week was already bustling with scheduled economic data releases, but things got even more exciting with the XRP-led altcoin rally. 

Last week was already bustling with scheduled economic data releases, but things got even more exciting with the XRP-led altcoin rally.  GUILLAUME PAYEN/GETTY IMAGES  

Ripple Labs’ XRP token experienced a sharp rise this week when courts declared that the sale of XRP tokens on exchanges and through algorithms does not constitute investment contracts. 

This ruling had a significant impact, with XRP surging 73% after the announcement. To provide some historical context, this upturn stands as the second-largest daily increase in the asset’s history, surpassed only by an 83% surge on Dec. 14, 2017

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At the time of writing, the global crypto market capitalization stood at $1.21 trillion, a decrease of 0.14% over the last day. 

The U.S. stock futures showed a slight dip in evening trading on Sunday, signaling the start of a busy week for corporate earnings. S&P 500 futures dropped by 0.13%, while futures connected to the Nasdaq 100 saw a 0.10% decline.

See More: Best Crypto Day Trading Strategies

Analyst Notes: “Next categories to do really well; DeFi. Nothing more. I think we’ll have some good periods of DeFi projects continuing to grow as they feel relief of not being a security either,” wrote crypto trader Michael Van de Poppe.

According to the pseudonymous analyst CrediBull Crypto, the security concerns surrounding XRP have passed, leaving XRP as one of the top five cryptocurrencies in market capitalization. “Whether you love it or hate it, it has proven to have staying power and I have no doubt it will be a Top 3 coin again within the next 6-12 months.”

Data from on-chain analytics firm Santiment revealed that despite the dip in altcoins over the weekend, Bitcoin managed to maintain its value above $30k. 

Interestingly, there is a positive trend in the rising number of large stablecoin wallets. One such stablecoin, USDP, which ranks at  8 in terms of market cap witnessed a significant increase in holdings throughout July. 

📊 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.

— Santiment (@santimentfeed) July 13, 2023

Produced in association with Benzinga

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