Crypto market massive surge following SEC defeat on XRP

Yesterday’s pronouncement by the SDNY judge that XRP can only be partially classed as a security led to a huge rise in cryptocurrencies.

SEC loses millions of taxpayer dollars

After a 3-year long court battle and millions of US taxpayer dollars spent on fighting the case by the SEC the judge has mainly come down on the side of Ripple, which also spent more than $200 million on legal costs.

As the judgement is digested across the crypto sector, the ramifications of this ruling can potentially be massive for other crypto companies that are in dispute with the SEC, although there is still the possibility that the US securities regulator may decide to appeal the decision.

the crypto market literally exploded

$XRP explodes

Be that as it may, when the news broke on Thursday afternoon the crypto market literally exploded. $XRP, the native token of Ripple, went on a vertical trajectory that took it as far as 97% up on the day. It has since fallen back to resistance at $0.78 which it will now likely turn into support.

Those long on bitcoin used the market surge to propel the king of the cryptos past $31,000, which it looks to have turned into support, potentially giving it the platform to drive up from this level, one that has kept bitcoin from rising higher since April.

Now that this level could be about to be broken and flipped into support, bitcoin could act like a beachball that has been kept under water and finally been released. An upsurge to $37,000 and even potentially $45,000 could be next.

Solana makes hay

Plenty of other cryptocurrencies made hay while the Ripple/$XRP sun shone. Among these, the most notable was Solana ($SOL). Between Thursday afternoon and Friday morning $SOL rose almost 50%. 

A high of $32 was reached before the lightning fast layer 1 settled back down to around $29.40 at time of going to press. Once past $30 again, the next resistance is at $38.70. Now that things appear so much more positive for tokens that have been deemed securities by the SEC, such as $SOL, the shackles are now well and truly off and true growth can happen.

Altcoins embark on bull market

The Total 3 market cap (all cryptocurrencies except bitcoin and ethereum) shot up like a rocket on Thursday, driving through the top of a downwards channel it has been following since mid 2022. The price has come back to test the top of this channel, and should it hold above, it’s onwards and upwards for the altcoins in what can become the early stages of the next crypto bull market.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.