Bitcoin, Ethereum, Dogecoin Surge After Judge Rules XRP Not A Security: Analyst Says Ripple Win 10x More Bullish Than Any ETF Filings

Benzinga

Published Jul 14, 2023 03:37

Updated Jul 14, 2023 04:40

Bitcoin, Ethereum, Dogecoin Surge After Judge Rules XRP Not A Security: Analyst Says Ripple Win 10x More Bullish Than Any ETF Filings

Benzinga - Major cryptocurrencies surged on Thursday evening, propelled by a partial Ripple Inc victory that resulted in Bitcoin and other prominent digital assets soaring to new heights. Ripple is the company associated with the XRP token.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) +3.48% $31,411
Ethereum (CRYPTO: ETH) +7.61% $2013
Dogecoin (CRYPTO: DOGE) +8.89% $0.070

What Happened: Ripple achieved a partial victory against the Securities and Exchange Commission (SEC) in a recent court ruling.

Judge Analisa Torres partially sided with the company in a case filed by the Securities and Exchange Commission back in 2020. As per the documents filed on July 13, Judge Torres granted summary judgment in favor of Ripple Labs. The ruling stated that the XRP token is not considered a security in relation to programmatic sales on digital asset exchanges.

However, the court also ruled that the institutional sale of XRP can be categorized as a security when it is sold to institutional investors, as it meets the conditions outlined in the Howey Test.

In response to this ruling, XRP, the native cryptocurrency of XRP Ledger, reached a peak increase of 96%, with a value of $0.93. This level of pricing has not been witnessed since March 2022.

It’s worth mentioning that XRP Ledger is an open-source, public blockchain specifically created to enable expedited and cost-efficient payments.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
XRP +60.90% $0.7583
Stellar +51.59% $0.1453
Solana +34.45% $29.29

At the time of writing, the global crypto market capitalization stood at $1.26 trillion, an increase of 6.52% over the last day.

U.S. stocks rallied on Thursday following a favorable inflation report, propelling both the S&P 500 and the Nasdaq Composite to their highest levels in more than a year. The S&P 500 surged 0.85% and the Nasdaq Composite experienced even greater gains, rising 1.58%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: "Bitcoin holds $30,200 and most likely will start looking at range high again. Another test and we’ll have a swift breakout to $38,000," wrote crypto trader Michael Van de Poppe.

Get The App
Join the millions of people who stay on top of global financial markets with Investing.com.
Download Now

Pseudonymous analyst Kaleo believes that XRP’s victory in this case against the SEC is ten times more bullish to him than any ETF filings like BlackRock and Fidelity.

Data from on-chain analytics firm Santiment said XRP’s social dominance, which measures the percentage of discussions related to an asset compared to all top 100 market cap assets, has surged to 7.4%. This marks the highest level of discussion about XRP since January 2021. The significant attention and FOMO surrounding XRP suggest that a cooldown period may be on the horizon. However, once traders shift their focus elsewhere and stop paying attention, there is a strong possibility of a second pump wave occurring.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes