XRP Leads Crypto Market Charge: Is This the Start of a Bull Run?

  • XRP’s price surged after a U.S. judge ruled in favor of Ripple Labs, stating no violation of securities law.
  • The ruling boosted the altcoin market, easing regulatory concerns about token classification.
  • The overall crypto market is currently experiencing a decline, with XRP also losing value recently.

XRP experienced a significant price increase following a US judge’s ruling on July 13. The ruling stated that Ripple Labs’ sales of the token on public exchanges did not violate securities law. Following this, XRP’s market cap rose from $25 billion to $36 billion, and its crypto market share increased from 2% to 3.5%, according to CoinMarketCap.

This ruling had broader implications for the altcoin market, which includes cryptocurrencies other than Bitcoin. The victory for Ripple provided some relief to the altcoin sector, as many tokens were under regulatory scrutiny to determine if they should be classified as more tightly-regulated securities.

Analysts, such as Matteo Greco from Fineqia International, considered this ruling a significant milestone for the altcoin sector. They believe that since XRP was not considered a security, it is unlikely that many other digital assets would be classified that way.

Following the ruling, the overall altcoin market cap rose from $636.38 billion to $665.2 billion, as reported by CoinGecko. Additionally, a Cryptoquant index tracking the prices of coins that were potential securities targets by the SEC increased by 11%.

However, the current market conditions might not indicate a possible bull market run. This is mainly due to the recent fall in the prices of crypto, such as Bitcoin, which briefly fell below $29,000 for the first time in the last 30 days.

The whole crypto market seems to be trading in the red, with the market cap shedding 1.76% and standing at $1.17 trillion. XRP has also lost its fair share of value. However, it has also gained 7.22% during the past week and 5% in the last 24 hours and stands at $0.6875.

Comments

Post a Comment

Popular posts from this blog

FTX seeks $175M settlement with Genesis entities to resolve dispute

However, FTX creditors express discontent and urge the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. FTX, the troubled cryptocurrency exchange, and its CEO John J. Ray III have filed a motion seeking to reach a settlement of $176 million with Genesis entities.  As per a legal document, FTX Trading and related debtors have formally requested a court mandate to resolve their disagreement with Genesis entities , aiming to settle claims amounting to nearly $176 million. The claims put forth by Genesis entities involve around $176 million in customer claims against FTX Trading and its affiliates. However, FTX creditors expressed discontent and have urged the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. They point to Alameda's transfer of significant FTX customer funds to Genesis in 2022 as a concern. FTX asks court to settle Genesis dispute for a $175 million Genesis claim, the release of a $175 million customer
Read more

JPMorgan debuts tokenization platform TCN with BlackRock among key clients: Report

The platform enables the conversion of traditional assets into digital assets and makes way for faster and more secure settlements on-chain. American banking giant JP Morgan debuted its in-house blockchain collateralization platform called Tokenized Collateral Network (TCN) on Oct. 11, reported Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as security for an over-the-counter derivatives exchange between the two companies. The first internal test of TCN was conducted by JPMorgan in May 2022 and has a pipeline of other clients and transactions now that T
Read more

OpenSea ex-manager retracts bail request amid ongoing appeal

Nathaniel Chastain, a former product manager at NFT marketplace OpenSea, has opted to begin his three-month prison term for insider trading. On Sept. 6, the legal representatives of Nathaniel Chastain submitted a letter to a New York District Court, notifying the judge that Chastain has chosen to retract his bail application while the appeal is ongoing . As per the court’s earlier verdict, he will willingly surrender himself by Nov. 2 to start serving his sentence while the appeal is being reviewed. Earlier in May, Chastain was convicted of wire fraud and money laundering, marking the first insider trading case in the NFT sector. The former OpenSea executive was charged with exploiting confidential data to earn substantial profits by purchasing NFTs shortly before they were featured on OpenSea’s homepage, where their value would surge instantly. Chastain allegedly capitalized on this inside information, selling the NFTs at a higher price once their value escalated, breaching
Read more