• The SEC ruling in favor of Ripple has led to a surge in the price of XRP, making it the fourth-largest cryptocurrency by market value.
• The Ripple effect has also seen other popular cryptos like Cardano’s ADA and Stellar’s XLM token experience significant gains.
• Bitcoin and Ether were unable to sustain their impressive gains with BTC seeing a complete reversal within 24 hours.
Ripple Victorious After SEC Ruling
Following the recent ruling by the SEC that Ripple’s sale of XRP on public exchanges did not breach federal securities laws, XRP has experienced an extraordinary 60% surge, reclaiming its position as the fourth-largest cryptocurrency by market capitalization and dethroning Binance’s embattled BNB token.
The Ripple Effect
This ‘Ripple effect’ has caused other major cryptocurrencies to witness contrasting fortunes. The prices of Cardano’s ADA token and Solana’s SOL token have each gone up by 28% and 50%, respectively, while Stellar’s XLM token surged 61%.
Decline for Bitcoin & Ether
Unfortunately, Bitcoin (BTC) and Ether (ETH), two dominant players in the crypto market, struggled to maintain their respective gains of 3.5% and 7%. In fact, BTC saw a complete reversal within 24 hours, while ETH was just able to cling onto a 1% increase.
Altcoins Also See Pullback
Several prominent altcoins such as SOL and ADA have since seen significant pullbacks from their highs with declines of approximately 20.5% and 17%, respectively.
The news of Ripple’s victory over the SEC lawsuit has had far-reaching implications on both XRP itself as well as other leading digital assets in the crypto space. While some tokens have experienced notable growth following this development, others have seen substantial losses or reversals after initially surging high upon hearing the news.