- Ripple (XRP) and Stellar Lumens (XLM) experience strong growth as Bitcoin (BTC) struggles below $30K.
- Ripple’s recent partial victory in its legal battle with the SEC generates excitement, though crypto regulations still need clarity.
Amid the sluggish Bitcoin market, alternative digital currencies Ripple (XRP) and Stellar Lumens (XLM) are stealing the limelight with their strong performance. As Bitcoin lingers below $30K, these two blockchain-based tokens have managed to break free and deliver impressive returns.
It’s been less than a week since the decision dropped, and I’m still overwhelmed with gratitude for (and hugely proud of) this team.
An unequivocal win for Ripple and for crypto in the US.
That’s the bottom line. https://t.co/l8AixV1xnO
— Brad Garlinghouse (@bgarlinghouse) July 19, 2023
Altcoins Outshine Bitcoin
Stellar Lumens’ XLM, the token of the blockchain-based payment platform, recently rose by 18% over the past 24 hours, trading above 15 cents. This surge mirrors its performance a week ago, when it doubled following Ripple’s legal victory against the Securities and Exchange Commission (SEC), an event that led to a broad crypto market rally.
Simultaneously, Ripple’s XRP, the third-largest crypto by market capitalization, was recently traded above 82 cents, marking a 6.8% increase from the previous day. According to Markus Levin, co-founder of XYO Network, XRP’s rise could be attributed to continued market optimism regarding Ripple’s partial victory in its legal confrontation with the SEC last week.
Legal Victory Sparks Market Interest
The U.S. federal court’s decision last week affirmed that XRP token sales did not equate to investment contracts. This ruling sparked a renewed interest in XRP, with exchanges such as Coinbase, Kraken, and Bitstamp relisting the token, leading to an uptick in investments, trading volumes, and futures contracts.
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According to Levin,
“we’re seeing a return of investors that had previously been spooked by recent regulatory measures.”
Other native cryptocurrencies of smart contract platforms like Cardano and Solana have also seen an uptick, surpassing the performance of both Bitcoin and Ether.
Need for Crypto-Specific Regulatory Framework
While Ripple’s partial victory has given the market a boost, there is still uncertainty regarding regulations. Crypto lawyer Preston Byrne argues for a new “legal regime” specifically tailored for digital assets. The surprising court ruling, which diverged from more than seven decades of precedent, has stirred up concerns among the crypto community.
In the case of Ripple, while XRP’s sale on exchanges and via algorithms was cleared, the court ruled less favorably on the institutional sale of tokens, classifying it as a violation of federal securities laws.
Byrne insists that the unique nature of cryptocurrencies, which he refers to as “self-sovereign,” necessitates a legal framework that recognizes these characteristics while enhancing investor protection.
Conclusively, the spotlight shines brightly on Ripple and Stellar Lumens, demonstrating their resilience amid a slow Bitcoin market. However, as the call for clear, crypto-specific regulations grows louder, the future trajectory of these digital assets will be influenced greatly by the evolution of such legal frameworks.
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