- The recent court ruling on XRP has triggered major changes in the crypto market, with many altcoins reaching year-to-date highs.
- Midcap altcoins and security tokens particularly outperformed, indicating substantial market effects post-verdict.
The cryptocurrency world celebrated a key victory last week as Judge Analisa Torres ruled that XRP, Ripple’s native token, is not an investment contract or a security. The ramifications of this judgment are significant, instigating a wave of optimism among traders that resulted in a buying surge, propelling many altcoins, including XRP, to their peak values for the year.
Sweeping Market Changes Post-XRP Ruling
Post-ruling, the market rally observed remarkable milestones for various tokens, with XRP experiencing a sharp surge of up to 70%. Although the initial excitement seems to be tapering off, there are several notable market transformations that merit attention.
Julio Moreno, the head of research at CryptoQuant, notes that midcap altcoins typically outperformed the market, and with the introduction of XRP, this asset class soared by 29%. This outperformance surpassed small caps, often considered to have high volatility potential.
The CryptoQuant data reveals a modest 7% growth in small caps, while large caps, including Bitcoin (BTC) and Ethereum (ETH), remained relatively stable within the review period. Notably, midcaps gained a substantial $15 billion post-verdict, introducing a rift in Bitcoin’s dominance, which had been waning as per earlier reports.
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The verdict’s foundation hinged on the classification of XRP as a security. Consequently, many security tokens experienced a significant momentum surge, an event unseen for quite some time.
Potential Market Upsides Ahead
While legal pundits point out that Ripple’s journey to fully shake off the allegations brought forward by the United States Securities and Exchange Commission (SEC) is far from over, this minor victory holds potent implications for other pending cases. These include the likes of Coinbase and Binance, and the anticipation of a win could potentially spark further market rallies in the weeks and months ahead.
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