- XRP has witnessed a remarkable 60% surge following the SEC lawsuit ruling.
- Other major cryptocurrencies have faced contrasting fortunes.
- As the dust settles, a surprising twist has emerged, challenging market assumptions.
In a momentous development for cryptocurrency, Ripple has emerged victorious as it was ruled last week that their sale of the XRP token on public exchanges did not breach federal securities laws. This legal triumph breathed new life into XRP, causing this popular crypto to regain its footing and appreciate in value.
Ripple’s XRP Dethrones BNB, Claims 4th Spot in Crypto Market
As the initial market-wide rally following the lawsuit ruling waned, Ripple’s XRP rose above most cryptocurrencies, claiming the spotlight as the best-performing asset among the top 25 digital coins within 24 hours, boasting an impressive 101% wick high.
However, over the past seven days, XRP has experienced a slight cooling, shedding 16% of its gains off the high. Nevertheless, it maintains an extraordinary 67% increase for the week, with its current market value hovering at around $0.79.
This surge propelled XRP back into its position as the fourth-largest cryptocurrency by market value, toppling Binance’s embattled BNB token.
Unleashing the Ripple Effect
Cardano’s ADA token witnessed a robust 28% increase for the day. Similarly, Solana (SOL) experienced a significant uptick of 50% following the news. Stellar’s XLM token surged a remarkable 61%, making it the top-performing token and emerging as one of the few significant coins that managed to sustain its gains.
Altcoins Bleed Back Down as Daddy BTC Stays Unmoved
In contrast, Bitcoin (BTC) and Ether (ETH), the dominant players in the cryptocurrency market by market capitalization, struggled to sustain their impressive gains of 3.5% and 7%, respectively. Unfortunately, BTC saw a complete reversal of its gains within the subsequent 24 hours, while ETH managed to cling to a modest 1% increase.
Several other prominent altcoins, such as SOL and ADA, underwent notable reversals, with declines of approximately 20.5% and 17%, respectively, from their peak highs during the post-ruling surge.
On the Flipside
- Despite the recent surge in value, XRP’s current price is still significantly lower than its all-time high, reached before the SEC lawsuit and regulatory scrutiny impacted its market performance.
- Despite the positive performance of XRP and other cryptocurrencies after the ruling, the overall market sentiment remains fragile.
Why This Matters
As Ripple’s XRP temporarily took the lead, albeit for a short while, in driving up the market, it challenged the conventional dominance of Bitcoin as the primary market influencer. This unexpected turn of events sheds light on the evolving dynamics of the crypto landscape.