The broader cryptocurrency market is cheering the big win for Ripple in the SEC lawsuit with most of the altcoins witnessing a parabolic rally along with the XRP Price surge.
Altcoins like Cardano (ADA), Solana (SOL), Polygon (MATIC), and Stellar (XLM) have skyrocketed the most each gaining anywhere between 25-50%. With XRP not getting the ‘security’ status, the outcome of the Ripple vs SEC lawsuit could have a huge impact on these cryptocurrencies.
Last month, while filing a lawsuit against crypto exchange Coinbase, the SEC named ADA, SOL, MATIC, and XLM as securities. The outcome of the Ripple case puts hope among the investors that these altcoins might be free from the ‘security’ status going ahead.
Top US exchanges faced a snag after the court ruling on XRP. With the recent altcoin price that trading volumes on crypto exchanges have skyrocketed to new highs leading to massive liquidations.
The Solana (SOL) price has been on a roll and recently rallied by more than 50% over the last week. Some popular crypto analysts have given a 20x price surge prediction for Solana.
Altcoin Rally: Ethereum Shoots Past $2,000
The ruling over XRP has sent the broader crypto market into a state of glee. The world’s second-largest cryptocurrency Ethereum (ETH) has also made a strong move gaining 8%, with its price shooting past $2,000.
As of press time, Ether (ETH) is trading at a price of $2012 with a market cap of $241 billion. Note that there’s a strong resistance for Ether at $2,100 as 1 million addresses have purchased 27 million ETH in the price range between $2040-$2100.
Notice that #Ethereum sits on top of stable support between $1,800 and $1,870, where 3.4 million addresses bought 11.2 million $ETH.
However, the resistance between $2,040 and $2,100 is more significant. Here, 1 million addresses had previously purchased 27 million #ETH. pic.twitter.com/i8Vy4W7MW0
— Ali (@ali_charts) July 11, 2023
Other altcoins like Dogecoin (DOGE), Polkadot (DOT), and Avalanche (AVAX) have also gained over 10% in the broader crypto market rally.
After the ripple lawsuit, some pro-crypto lawmakers have already proposed transforming the judgment into a law. US House Majority Whip Tom Emmer said:: The Ripple case is a monumental development in establishing that a token is separate and distinct from an investment contract it may or may not be part of. Let’s make it law.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
