Ripple’s court victory over the SEC has been a win for many prominent altcoin holders this week. In particular, four altcoins have surpassed Bitcoin and Ethereum. Let’s look at the details.
Ripple’s legal victory
It’s been a week of altcoin rallies following Ripple’s courtroom victory over the SEC. Details of the upcoming Polygon 2.0 presentation have diverted attention from two market leaders. Bitcoin (BTC) still gained a modest 3%, according to CoinGecko. It is currently changing hands at $30,287.
On Monday, news broke that British multinational Standard Chartered predicted that Bitcoin would reach $120,000 before 2025. However, this news was not enough to raise the price of the world’s largest cryptocurrency by market cap. Ethereum (ETH) performed significantly better, though not in the same league as altcoins. It was traded at $2,001, up 6.6% at the beginning of the week. At the time of writing this article, it was at the level of $ 1,932. On Thursday, Ethereum hit $2,000 for the first time since May.
Announced reports and altcoin rises
The latest CPI report released on Wednesday showed that US inflation fell in line with expectations. Also, this was not enough to direct investors to the two most popular cryptocurrencies. A sea of green among popular altcoins has formed after a US federal judge ruled that the XRP that powers the Ripple network is not a security in certain contexts. Accordingly, the top coins have risen by double-digit percentages over the past 24 hours.
According to data from CoinGecko, XRP is trading above $0.76, with a massive 62% increase. The first major altcoin news came on Tuesday as Polygon (MATIC) started to rise after a surge in network growth. Polygon on Thursday published a technical proposal for Polygon 2.0. He proposed the launch of a new native token for the network: the POL token. Frankly, it’s already been a good week for Polygon owners. But things took a turn for the better when a judge presiding over the Ripple-SEC case on Thursday ruled in Ripple’s favour.
Ripple decision
Judge Analisa Torres ruled that XRP was “not a security in sight” and that the programmatic sale of XRP to the public did not violate securities laws, but that the $728 million corporate sale of XRP qualifies as a security offering because it was sold to buyers expecting to profit in a joint venture. decided.
The news didn’t just boost XRP. It also caused Polygon, Solana (SOL) and Cardano (ADA) to explode with double-digit percentages on Thursday. Crypto’s total market cap rose 6% in the hours that followed, reaching $1.3 trillion on Friday.
Important case for altcoins
As the weekend kicks off, all four altcoins have risen by double-digit rates over the past seven days. XRP takes the lead with a dazzling 66% increase in its price. It is currently trading at $0.72194. Solana was up 33% to trade at $27.44, while Polygon was up 24% to $0.8061. Also, Cardano is trading at $0.3299, up 22%.
Among other notable gains this week, Stellar’s XLM is trading at $0.1316, up 47%. on the other hand cryptocoin.com Looking at it as a whole, Chainlink (LINK) rose 14% to $ 6.96. Lido DAO (LDO) is trading at $2.37 at the time of writing, up 26%.
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