The news of Ripple’s victory over the SEC spread like fire through the crypto market, as it became known that XRP is not a security. The SEC previously took Ripple to court over accusations that XRP is unregistered security, and the case has been going on since 2020. However, Judge Analisa Torres ruled partially in favor of Ripple Labs as it was deemed that XRP is only a security if it is sold to institutional investors.
XRP is not a security.
This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.
— Ripple (@Ripple) July 13, 2023
The news of Ripple’s victory over the SEC did not just play a major role in boosting the price of the native XRP token, but a similar situation was witnessed with other cryptocurrencies as well. The verdict proved as a solid basis of confidence for many investors.
Cryptocurrencies on the Rise Following the Ripple vs SEC Verdict
Countless cryptocurrencies throughout the crypto market experienced a sudden surge following the verdict of the Ripple vs SEC lawsuit. The global crypto market cap has reached the mark of $1.25 Trillion after an increase of 5.76% in the last day. Some of the major cryptocurrencies have been discussed as follows.
- Bitcoin (BTC): Bitcoin (BTC) had been lingering around the $30k mark for a few weeks but it has now managed to break the $31k barrier following the verdict of the lawsuit. At the time of writing, BTC surged by almost 3.28% within the previous 24 hours, and the increase has pushed the trading price to $31,348. At the same time, the total market cap currently stands at the $608 billion mark.
- Ripple (XRP): Ripple (XRP) dominated following Ripple’s victory over the SEC. The token overtook Bitcoin on the basis of its dominance following the announcement of the verdict. At the time of writing, XRP has gone up by 63.33% in the last 24 hours and is currently trading for $0.7701. The token touched a high of $0.938 on the last day as well. XRP currently has a market cap of $41 billion.
- Ethereum (ETH): The leading altcoin does not seem to be behind either as the token has experienced a considerable increase in its trading price following Ripple’s victory over the SEC. Ethereum (ETH) has surged by a whopping 7.48%, therefore pushing its trading price up to $2,009. Similarly, the total market cap of ETH is currently $241 billion.
- Cardano (ADA): Cardano (ADA) was seen to be making major moves in the crypto market following the massive increase of 25.39% in its trading price. The token currently has a market cap of $12 billion and is trading for approximately $0.3609.
- Polygon (MATIC): The next token on the list is Polygon (MATIC). As of now, the token is trading for $0.8573 following an increase of approximately 18.03% in the previous 24 hours. Furthermore, MATIC currently has a total market cap of almost $7.9 billion.
- Solana (SOL): SOL is among the major cryptocurrencies that rallied following the victory of Ripple against the SEC. Solana (SOL) is currently trading for approximately $28.53 and has increased by 30.60% in the last 24 hours. The market cap of the token currently stands at the $11 billion mark.