Reuters, a closely followed and trusted news agency, has highlighted Ripple and XRP’s influence on the recent pump experienced recently in the altcoin market following the big victory against the United States Securities and Exchange Commission (SEC).
According to Reuters in its recent article titled “Cryptoverse: Ripple effect as explosive XRP leads market charge”, XRP has emerged as the unsung hero in the cryptocurrency realm, countering regulatory challenges and revitalizing a stagnant market.
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Following a judge’s ruling on July 13, which determined that Ripple Labs’ sale of XRP did not violate securities law, the news agency noted the price of the digital asset skyrocketed by an impressive 78%. Subsequently, it has maintained a significant gain of around 47%. CoinMarketCap reports that XRP’s market capitalization has surged from $25 billion to an astonishing $36 billion, while its market share has risen from 2% to 3.5% as a consequence of the ruling, Reuters noted.
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Ripple and XRP’s Triumph Fuels Altcoin Market Resurgence
Reuters noted that the landmark legal victory has sparked a renewed sense of optimism across the wider altcoin market, beyond Bitcoin (BTC) market dominance. With much of the regulatory focus homing in on the classification of certain tokens as tightly-regulated securities, XRP’s favorable judgment carries far-reaching implications, the top news agency noted.
Reuters also cited Matteo Greco, an analyst at fintech and blockchain investment firm Fineqia International, who affirms that “It’s a significant milestone for the altcoin sector, as it seems that if XRP is not deemed a security, very few other digital assets can be categorized as such.”
The news agency also acknowledged the rise in the altcoin market cap from $636.38 billion to $665.2 billion, as reported by CoinGecko. Furthermore, it also stated that Cryptoquant’s index tracking prices of coins potentially subjected to closer scrutiny by the Securities and Exchange Commission (SEC) has soared by 11%.
The news agency also referenced the remarks of Ben Weiss, CEO of the crypto ATM network CoinFlip, who highlighted the growing sense of stability and clarity within the industry, saying “For the first time, it seems like we have rules of the road for how to evaluate these tokens.”
Reuters further noted that Bitcoin has also experienced a positive ripple effect. Bitcoin, often regarded as a commodity rather than a security, touched a 13-month high in response to the ruling. However, its value has since receded, falling below the $30,000 mark.
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Ripple and XRP’s Challenges After Victory
Despite the significance of the big victory, Reuters noted that XRP and the broader altcoin market face ample obstacles in their quest for sustained growth. It noted that legal experts anticipate the SEC’s intention to appeal the ruling, casting a cloud of uncertainty over the future. The outcome of the appeal remains uncertain and will heavily impact the future of XRP, Reuters stated.
The news agency further noted that Ripple Labs acknowledges the ongoing challenges and continues to invest in jurisdictions that have embraced clear regulatory frameworks. Additionally, the company is actively working to expand the practical applications of XRP, particularly in the realm of cross-border payments.
The price of XRP has experienced volatility since the ruling but has generally maintained an upward trend. Some institutional investors have increased their exposure to XRP, although it still represents a small percentage of their overall portfolios, Reuters noted.
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