Why XRP’s landmark victory against SEC could open the crypto floodgates
- A win for Ripple and the entire crypto market as the judge declares XRP is not a security.
- XRP and the market reacted with an explosion of bullish activity.
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The crypto market reacted positively to the news that Ripple’s XRP was not a security. The impact of the ruling was clearly evident in the subsequent price action. XRP just achieved its largest single-day price spike indicating overwhelming accumulation.
XRP is not a security.
This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.
— Ripple (@Ripple) July 13, 2023
XRP hovered around its ascending YTD support level prior to the news of the judicial ruling. It traded as low as $0.469 in the last 24 hours and peaked at $0.94 less than five hours after the announcement of made. In short, it rallied by over 100% within a matter of hours.
XRP’s impressive price action certainly puts into perspective the magnitude of the judicial ruling. The announcement triggered a wave of demand that was preceded by a massive spike in social dominance. A surge in on-chain volumes quickly followed.
The dawn of a new day for the crypto market?
The landmark ruling represented a major step forward not just for XRP or Ripple but the entire crypto market at large. This is because set precedence for future rulings pertaining to cryptocurrencies and blockchain projects. In other words, it will pave the way for regulatory clarity, hence potentially boosting confidence in the crypto investment landscape.
It explains why the announcement not only triggered bullish activity in XRP but in most of the top cryptocurrencies as well. Ripple’s big win may also open up more opportunities. The lawsuit has held back many potential partnerships for the company due to regulatory uncertainty.
This has particularly been the case when it comes to potential partners in the banking industry. The ruling may open up new opportunities in that regard.
Is Ripple’s win a sign that the next bull market has begun?
The market’s reaction to Ripple’s legal win was already evidence of the significance of the ruling. More importantly, it is the latest white swan event to grace the market during a period of directional uncertainty.
How many are 1,10,100 XRPs worth today
XRP’s win has already ignited robust volumes but will it be sustainable? The market now shifts the spotlight to spot ETFs currently awaiting regulatory approval. Bullish demand might prevail if the ETFs are approved.