Altcoin Rally: ADA, SOL, MATIC, and XLM Shoot 25-50% After Ripple Lawsuit Outcome

Bhushan Akolkar
July 14, 2023
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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.

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.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.