Crypto Market Bullish Over XRP Lawsuit Ruling, Altcoin Rally Imminent?
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.
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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?
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