Regulation News

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

The judgement in the Ripple vs US Securities exchange commission (SEC) lawsuit may set the tone for what could be a huge bull run for crypto.

Published by

Anvesh Reddy

Updated 16 Jul, 2024 | 01:32:34 PM UTC

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.

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

Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by

Anvesh Reddy

Updated 16 Jul, 2024 | 01:32:34 PM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.

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.