The moment where the Ripple (XRP) community has been waiting for so long has finally arrived: federal judge Analisa Torres has judged that the sale of XRP tokens on exchanges cannot be considered securities. The XRP price exploded and is already about 37 percent in the plus. The positive Ripple news is turning the entire crypto market in green and altcoins are currently stealing the show.
Crypto profit in securities war
While bitcoin (BTC) has recently taken the crypto market in tow, the baton has now been passed to the altcoins. Bitcoin analyst Will Clemente made this clear in a tweet; bitcoin dominance has fallen enormously since the news of Ripple came out.
XRP declared not a security.
bitcoin dominance: pic.twitter.com/veZDJTHQlu
— Will Clemente (@WClementeIII) July 13, 2023
Altcoins are currently performing a lot better than bitcoin and this has everything to do with the earlier allegations from the American Securities and Exchange Commission (SEC).
You can probably still recall it: the SEC took Binance and Coinbase to court a while back for allegedly violating federal securities laws. In the indictments, heaps of altcoins were referred to as such as security, ie securitylabeled.
Major coins such as cardano (ADA), solana (SOL) and polygon (MATIC), among others, were mentioned by the financial watchdog and also removed from popular platforms such as Robinhood, eToro and most recently Revolut.
Of course, the ruling in Ripple’s case is not binding on the lawsuits against Binance and Coinbase, but it certainly carries a lot of value. In that respect, today is a major victory for the entire crypto industry.
Cardano, polygon and solana steal the show
As mentioned earlier, cardano, polygon and solana were the biggest losers from the previous SEC impeachment. Amid all the negativity, prices plummeted, reaching levels not seen since late last year, when overall sentiment was at an all-time low.
You can imagine that owners of these crypto coins can breathe a sigh of relief. This is therefore currently strongly reflected in the prices.
Polygon is in the green by no less than 15 percent over the past day and is at a price of just under $ 0.84. In doing so, it has completely wiped out the SEC-injected fear losses.
Solana and cardano are up 14 percent and 12 percent respectively and, like polygon, are at a similar level to just over a month ago.
