Ripple has won an important victory against the SEC. This has pushed the crypto and altcoin market into a massive price rally. Now the question in mind is this. Will there be a bull run for altcoins?
Will Ripple’s victory over the SEC lead to an Altcoin Bull Run?
“XRP is not a security”. Yes Ripple has won the most historic lawsuit against the SEC. However, I always believed that when altcoin XRP was declared not a security, it would mark the start of the next big bull run.
The crypto markets went absolutely crazy after this decision last week! Altcoin XRP is up 63%. Biggest leap in the last year. Solana and Stellar were up 29% and 51% respectively. This historic win really triggered some interesting events about a possible altcoin season. Let’s learn more about this historic decision.
How did Ripple triumph?
Here are the pros and cons of winning. Very good for mostly all altcoins. But surprisingly it’s not that good for Bitcoin. There are also some warning signs from the Ripple CTO. To be honest, we even avoided dealing with altcoin XRP because of this SEC situation. Now the good part about Ripple’s victory over the SEC almost instantly was seeing this sharp rise.
Within 3 hours of the news, the price of altcoin XRP rose 78% from $0.47 to $0.84. And in the next 24 hours, we see Ripple’s market cap skyrocket, surpassing BNB to become the 4th highest market cap crypto.
Predictions on Ripple’s victory
It was obvious that all this was going to happen, wasn’t it? But here’s something only JP Morgan knows. In 2021, JP Morgan said: “If the company (Ripple) wins the SEC lawsuit and trading continues on major cryptocurrency exchanges like Coinbase, the altcoin XRP is poised for significant adoption.”
This is exactly what it is. A lot has happened in the 24 hours after this win. Altcoin XRP is listed for trading on Coinbase, Gemini, Bitstamp and Binance US. And investors are pouring money into XRP. Transaction volume has increased by 1720% in the last 24 hours. So what’s next for XRP? Institutions coming?
Institutions coming?
The truth is that Ripple has partnered with more than 55 banks like Banks of America for cross-border transactions. This SEC war has forced other banks and financial institutions to keep their distance as you already know. Now that it’s over, more institutions will adopt Ripple as their technology partner. However, it remains to be determined what effect this will have on the altcoin XRP price.
Altcoin XRP has broken all fibs and this pump is purely news based. Before making a price prediction, it is necessary to allow the SEC-based price increase to settle for a bit. So don’t believe the high altcoin XRP price predictions like $50 and $100.
Are altcoins no longer securities? Good or bad?
Now the big question. Now what if the court has said that the altcoin XRP is not a security? Does this mean that none of the 68 altcoins are securities? We know that in June 2023, the SEC shared a list of 68 altcoins. The list includes ADA, Solana, Matic, BNB, SAND, MANA, Algo and others. I’m not sure of that. Let me tell you why. Ripple CEO is a member of the World Economic Forum and I firmly believe his influence has helped the Ripple cause. However, this does not apply to other altcoins fighting in the same war.
However, as Cardano Founder Charles Hoskinson noted, this historic win is a giant leap forward for cryptocurrencies. It has set a winning precedent for all other cryptos waging war against the SEC. In short, very good news for altcoins.
Altcoin XRP gain crushes Bitcoin dominance
The entire crypto community is delighted that the altcoin XRP has won. But it seems that most of you missed to take a look at this. For example, altcoins considered securities by the SEC posted double-digit gains. On the other hand, Bitcoin’s market dominance fell below 50% for a short time.
The great thing about Bitcoin Domination is that it can help you understand whether altcoins are in a downtrend or an uptrend against BTC. When BTC Dominance increases, altcoins generally lose value against BTC. When BTC Dominance drops, altcoins generally appreciate against BTC. However, we will have to wait a little longer to see how this situation will take shape in the future.
Warning signs from Ripple CTO
The excitement around such updates cryptocoin.com This is when crypto scammers become quite active trying to deceive careless investors. That’s why Ripple CTO Schwartz took to Twitter to warn against the increasing XRP scam.
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