This Friday, October 20, 2023, the crypto market witnessed an intense increase in the prices of the main cryptocurrencies.
This rally was triggered following the news that the SEC had dropped charges against Ripple executives, an event that dramatically changed the perception of Ripple in the market. Driving the price of XRP up to $0.517, an advance of 7% in the last 24 hours.
It was a tweet from Eleanor Terret, a prominent FoxBusiness personality, that caused this news to be quickly shared all over the web.
🚨SO, what are next steps in the @Ripple case?
Now that the @SECGov has dropped the charges against @bgarlinghouse and @chrislarsensf, expect to see some more litigation in the penalty phase between the two parties in regards to the appropriate penalty for Ripple‘s $700M+ of… https://t.co/4jJAzKtTjp
— Eleanor Terrett (@EleanorTerrett) October 19, 2023
After the statements, several comments arose from the managers and members of the Ripple Labs team, largely celebrating this victory. One of the most interesting comments was that of Stuart Aldeorty, a lawyer for the firm Ripple Labs, who described the measure as “a surrender by the SEC” rather than an agreement.
The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC. https://t.co/TOsG64ZdEx
— Stuart Alderoty (@s_alderoty) October 19, 2023
Despite this positive news, SEC lawyers warn that the legal fight against the institution is not over yet and that a long and complicated fight lies ahead. The SEC could seek substantial compensation, keeping uncertainty on the horizon.
The overall cryptocurrency market has also been receiving attention due to rising inflation and economic uncertainty.
Analyzing the behavior of the most important cryptocurrencies on this day of shocking news, according to data extracted from CoinMarketCap, today the total capitalization of the cryptocurrency market has advanced by 4.2%, in detail:
- Bitcoin: Has seen a substantial rise, trading at over $30,000, with a daily increase of 5.55%. Investors are regaining confidence in this leading currency.
- Ethereum: It is at $1,620, with a daily increase of 4.24%. Ethereum’s stability is a positive sign for the market.
- Cardano: Priced at $0.251, it has increased by 3.72% in a single day. Investors are optimistic about Cardano’s potential.
- XRP: Following the victory in the SEC case, XRP has risen significantly to $0.517, with a daily increase of 7.3%. The enthusiasm around Ripple has boosted its price.
- Solana: This cryptocurrency has recorded an impressive increase of 11.68%, reaching a price of $26.89. Solana’s technology continues to attract investors.
- Dogecoin: Valued at $0.06, it has advanced 2.9% in a single day, indicating continued interest in this coin.
LONG-TERM POTENTIAL
This increase in prices reflects the confidence of investors in cryptocurrencies, especially at a time when the Ripple case has taken a positive turn.
The cryptocurrency industry has won a significant victory in its fight against regulation and continues to be a disruptive force in the financial world.
Investors are looking to Bitcoin for a store of value amid this economic turmoil.
Between the rumors of the week of ETF’s Spot approvals, adding that there are only 187 days left until the next Bitcoin halving, and these movements of the SEC, it could be indicating to us that we are on the verge of a bull market in short crypto /medium term.
