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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jul 14, 2023 06:28 UTC
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Crypto Market Soars to $1.3 Trillion as SEC vs Ripple Verdict Ignites Frenzy
XRP and XLM led the recent altcoin rally, up approximately 67 and 57 percent respectively on Friday.
Several CEX exchanges including Binance.US, Bitstamp, Coinbase, and Crypto.com have already announced plans to relist XRP.
Altcoins that were previously mentioned as securities by the SEC rallied in tandem with XRP.
The cryptocurrency market has witnessed a remarkable surge, propelling the total market cap to approximately $1.3 trillion, an increase of over 6.5 percent in the past 24 hours. This surge can be attributed to the final ruling in the SEC vs Ripple case, which has brought much-needed regulatory clarity to the digital asset industry in the United States.
Following the ruling, Bitcoin has surpassed the $31,000 mark, signifying a positive development for the leading cryptocurrency. Meanwhile, the altcoin market has exhibited a more optimistic sentiment. The latest crypto price oracles indicate that the TOTAL2 market cap has soared by over 10 percent, reaching approximately $608.7 billion during the early Asian market on Friday.
XRP Takes the Lead
Among the altcoins, XRP has experienced the most significant gains, reaching highs of about 95 cents on select exchanges. Even though the initial frenzy has subsided, the XRP price remains impressive, having surged by approximately 67 percent in the last 24 hours, settling around 78 cents.
Also Read Ripple Vs. SEC Verdict Is Out: Judge Torres Rules in Favor of Ripple
District Judge Analisa Torres’ ruling not only delivered a favorable outcome for Ripple but also set the wheels in motion for the digital asset industry in the United States. The ruling has garnered support from influential figures like US House Majority Whip Tom Emmer, who advocates for its transformation into law, further solidifying the potential positive impact on the industry.
Make Way for Altseason!
Furthermore, altcoins that have been closely scrutinized by the SEC, such as Polygon (MATIC), Cardano (ADA), and Solana (SOL), have witnessed significant gains in the past 24 hours. Polygon has seen an increase of around 18 percent, Cardano has risen by 25 percent, and Solana has experienced an impressive surge of 32 percent.
It is worth noting that Stellar XLM, XRP’s sister digital asset, has also enjoyed a remarkable rally, with its price surging over 57 percent in the past 24 hours, reaching a trading value of approximately 15 cents on Friday.
The conclusion of the SEC vs Ripple case has injected a newfound optimism among investors, leading to a surge in the cryptocurrency market. This positive turn of events signals a promising future for the industry, paving the way for further developments in the United States.
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