XRP Ruling Sparks Altcoin Season - Solana Leads the Pack with 35% Rally
Following a U.S. judge ruling XRP not a security in certain contexts, the crypto market is booming. Solana leads with a 35% gain, while Ethereum's Polygon and Stellar Lumens also surge. The verdict sparks optimism and caution in equal measure across the crypto community.
- Author: Illustrious
- Published: July 14, 2023 at 01:01
The crypto market is experiencing a significant surge following a U.S. federal judge's ruling that XRP, the token associated with the Ripple network, cannot be considered a security under certain conditions. This unexpected verdict triggered an eruption of green across the altcoin market, with most tokens experiencing a double-digit percentage rise in the past 24 hours.
XRP, reacting immediately to the ruling, surged a staggering 62% on the news, trading above $0.76 according to data from CoinGecko. The token's immense growth triggered a celebratory frenzy amongst the XRP community, popularly known as the "XRP Army," on Twitter.
Simultaneously, other altcoins that had previously been categorized as securities by the U.S. Securities and Exchange Commission (SEC), also rode the wave of positive sentiment. Solana (SOL) emerged as a notable victor, roaring to a 17% gain in just 24 hours, culminating in a substantial weekly rise of 32% to trade at around $26, as per CoinGecko.
Ethereum's scaling network, Polygon (MATIC), also experienced a buoyant day with a 16% gain, trading at $0.84, representing a bullish 27% increase on the week. This surge comes on the heels of last week's announcement regarding a significant restructuring of its executive team.
Meanwhile, Stellar Lumens (XLM) rocketed with a 35% increase, trading above $0.13, alongside a host of other cryptocurrencies previously labeled as securities by the SEC.
Despite the relative increases not being as massive as those aforementioned, Filecoin (FIL) and Cosmos Hub (ATOM) both enjoyed green days. FIL recorded a 6% gain today, contributing to a favorable monthly rise of 25% and a market value of $4.55. ATOM, on the other hand, posted a 6% daily increase, culminating in a near 12% surge over the last month, trading above $9.60 as per CoinGecko.
Crypto analysts applauded the judge's decision as a positive development for the wider crypto space. Chris Martin, Head of Research at Amberdata, hailed the decision as a significant stride forward for the industry, bringing clarity for investors and creators.
"The judgments today are a huge step forward for the industry. By judging that XRP is not a security, we're starting to get clarity on what constitutes a security and what constitutes a commodity," Martin told Decrypt.
However, not everyone shared the optimism. Cory Klippstein, CEO of Swan Bitcoin, cautioned that the judge had not delivered a final verdict on whether programmatic sales of XRP through exchanges constituted the sale of securities, indicating potential further litigation.
Regardless of the varying opinions, there's no denying that the ruling has provided an adrenaline shot to the altcoin market, sparking an altcoin season that many in the crypto community had eagerly anticipated. With the court's decision setting the tone for the coming weeks, all eyes will be on how the SEC adjusts its stance and the subsequent market reactions.