Sign Up on MEXC
Crypto Market News: The historic judgement in the Ripple vs US Securities and exchange commission (SEC) lawsuit might have already set the tone for a bull run for altcoins. After a long wait, the summary judgement in the Ripple vs SEC lawsuit was finally delivered on Thursday with Judge Analisa Torres declaring that XRP is not a security, in a massive win for Ripple. The verdict ruled that the the programmatic sales made by US based payments firm Ripple Labs in XRP do not constitute investment contracts.
Also Read: Binance Names Eleanor Hughes As New General Counsel
In what may be a great start for a long lasting bull run for the crypto market, XRP lawsuit ruling catapulted the XRP price by as much as 30%, whereas the momentum spread to the wider altcoin ecosystem. Ripple has been sued for $1.3 billion in December 2020 over violation of securities laws with the sale of XRP tokens. Meanwhile, it remains to be seen if the judgement would have major ramifications in the ongoing legislative efforts by lawmakers working to bring about clear regulatory stance around the crypto trading in the United States.
How Will Crypto Market Respond In Days To Come?
While the wider financial markets have been awaiting the US Federal Reserve’s upcoming interest rate decision on July 26, 2023, the XRP lawsuit ruling changes everything for the crypto ecosystem. This is because the Summary Judgement was by far the single biggest crypto market event in the calendar year 2023 so far, while the lawsuits against Coinbase and Binance follow. Will the Bitcoin price break the resistance around $32,000 in the days to come thanks to the positive momentum around altcoins?
Also Read: Alex Mashinsky Arrested As US SEC, DOJ, CFTC And FTC Filed Lawsuits Against Celsius Network
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Franklin Templeton Solana ETF Decision Until November
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Breaking: U.S. PPI Cools To 2.6%, BTC Price Rises
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
