Reuters, the renowned news agency, has recently highlighted the unprecedented growth of XRP in the wake of a significant regulatory clearance by the US court. In a groundbreaking report, Reuters sheds light on how XRP has become an unexpected powerhouse in the crypto market, defying regulatory challenges and reigniting the interest of investors worldwide.
The momentous ruling by the US court, affirming XRP’s non-security status, sent shockwaves through the digital asset world. Within a few hours, XRP’s value surged by an astonishing 87%, propelling its price from approximately $0.4 to nearly $1.
The impact of Ripple legal triumph extended far beyond its market segment. According to Reuters, the total market capitalization of all altcoins surged from $636.38 billion to $665.2 billion after the court’s ruling. Moreover, the US regulator previously deemed altcoins securities and experienced an 11% rise following the verdict.
Matteo Greco, an esteemed analyst at Fineqia International, commented on the significance of this milestone for the altcoins sector, stating:
“It’s a big milestone for the altcoins sector; it is fair to assume that if XRP is not a security, barely any other digital asset can be considered that way.”
Ripple (XRP) Effect On The Market
The enthusiasm spurred by XRP’s legal victory extended beyond the altcoin market, even affecting the mighty Bitcoin (BTC). Bitcoin reached one of its highest points over the past year, momentarily breaking through the $30,000 price barrier before experiencing a slight decline.
However, despite the overwhelming success, Reuters emphasizes that Ripple still faces some hurdles. One major challenge is the possibility of the Securities and Exchange Commission (SEC) appealing the court’s ruling.
John Deaton argued that the SEC would need to wait at least two years to secure a judgment from the appeal court. Deaton further expressed that the likelihood of the appeal court overturning XRP’s non-security status is incredibly slim.
Another obstacle confronting Ripple is the court’s classification of Ripple’s XRP sale to institutional investors as securities. The court has mandated that Ripple and the SEC engage in discussions to explore the potential for a settlement.
As the dust settles after the groundbreaking court ruling, the crypto community eagerly awaits the potential resolution of Ripple’s remaining challenges. The outcome of these events could set a precedent for the broader crypto market and have a lasting impact on the future of digital assets. Investors, enthusiasts, and industry observers continue to watch XRP’s journey with bated breath as the crypto world enters a new era of regulatory clarity and growth.
Related Reading: | Ripple Wins Partial Victory In SEC Case, But Faces More Challenges Ahead