- XRP’s price surged after a U.S. judge ruled in favor of Ripple Labs, stating no violation of securities law.
- The ruling boosted the altcoin market, easing regulatory concerns about token classification.
- The overall crypto market is currently experiencing a decline, with XRP also losing value recently.
XRP experienced a significant price increase following a US judge’s ruling on July 13. The ruling stated that Ripple Labs’ sales of the token on public exchanges did not violate securities law. Following this, XRP’s market cap rose from $25 billion to $36 billion, and its crypto market share increased from 2% to 3.5%, according to CoinMarketCap.
This ruling had broader implications for the altcoin market, which includes cryptocurrencies other than Bitcoin. The victory for Ripple provided some relief to the altcoin sector, as many tokens were under regulatory scrutiny to determine if they should be classified as more tightly-regulated securities.
Analysts, such as Matteo Greco from Fineqia International, considered this ruling a significant milestone for the altcoin sector. They believe that since XRP was not considered a security, it is unlikely that many other digital assets would be classified that way.
Following the ruling, the overall altcoin market cap rose from $636.38 billion to $665.2 billion, as reported by CoinGecko. Additionally, a Cryptoquant index tracking the prices of coins that were potential securities targets by the SEC increased by 11%.
However, the current market conditions might not indicate a possible bull market run. This is mainly due to the recent fall in the prices of crypto, such as Bitcoin, which briefly fell below $29,000 for the first time in the last 30 days.
The whole crypto market seems to be trading in the red, with the market cap shedding 1.76% and standing at $1.17 trillion. XRP has also lost its fair share of value. However, it has also gained 7.22% during the past week and 5% in the last 24 hours and stands at $0.6875.
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