“XRP is not a security”. Yes Ripple has won the most historic case against SEC. I have not said this enough earlier. But, I always believed that when $XRP is declared not a security, it will mark the start of the next big bull run.
In the last 24 hours, crypto markets went absolutely crazy! XRP is up 63% – Biggest jump in last 1 year. Solana and Stellar were up 29% and 51% respectively. This historic win has really triggered some interesting events about a possible altcoin season. Let’s explore more about this historic decision.
How Ripple’s Victory Happened?
Here is the good and the bad of the win. Mostly very good for all alts, but surprisingly not so good for Bitcoin. And there are some warning signs from Ripple CTO too. Dont miss them at the end of this article.
It is a big truth – that XRP has been avoided by many institutions, investors and even exchanges for years due to this SEC vs XRP battle. If you want to understand what the lawsuit has been about and what this victory means, read out this short and crisp article by Stu. It explains it all.
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.
A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.
— Ripple (@Ripple) July 13, 2023
To be honest even we avoided covering XRP because of this SEC situation. Now the almost instant good thing about the Ripple’s win against SEC was to see this sharp uptick. Within 3 hours of the news, the price of XRP went up by 78% From $0.47 to $0.84. And in the next 24 hours we now see Ripple’s marketcap skyrocket and surpass BNB to become the crypto with 4th highest marketcap.
Projections on Ripple’s Victory
All these things were obvious to happen right? But here is something that only JP Morgan knew. Let me read it out for you. In 2021 JP Morgan stated: “If the company (Ripple) is able to win the SEC lawsuit and trading resumes on major cryptocurrency exchanges like Coinbase, XRP is poised for significant adoption”.
And thats what is happening exactly. Within 24 hours of this win. XRP has been listed for trading on Coinbase, Gemini, Bitstamp, and Binance US. And the investors are pouring money into XRP. Its trading volume is up 1720% in the last 24 hours. So what is next for XRP? Institutions coming in?
JUST IN: Ripple $XRP trading now live on Coinbase.
— Watcher.Guru (@WatcherGuru) July 13, 2023
The fact is Ripple has already partnered with more that 55 banks like Banks of America for cross-border transactions. As you already know other banks and financial institutions due to this SEC battle. Now that its over, more institutions will adopt Ripple as technology partner. But what would be its impact on XRP price cannot be established yet.
In fact when I asked our TA expert to comment on XRP price. This is what he said: ”XRP has broken all fibs and this pump is purely based on news. I’d let the SEC based price hike to settle down a bit before I make a price prediction”. So make sure you dont fall for lofty $50 $100 XRP price predictions.
Altcoins No more a Security? Good or Bad?
Now the big question. If court says $XRP is not a security. Does that mean none of the 68 altcoins is a security? You might already know that in June 2023, SEC shared a list of 68 altcoins and stated that its seeing all of those securities, affecting over $100 billion worth of tokens on the market.
The list includes ADA, Solana, Matic, BNB, SAND, MANA, Algo and other. I am not sure about that. Let me tell you why.
Check this out, Ripple CEO is a member of World Economic Forum and I strongly believe his influence helped the Ripple case which is not the case with other alts fighting the same battle.
But, this historic win, as stated by Cardano Founder Charles Hoskinson, is a giant leap for cryptocurrencies. It has set a winning precedence for any other crypto that is raging a war against SEC. In shorts it’s a very good news for altcoins.
Well done XRP. One Small step for XRP Nation, one Giant leap for Cryptocurrencies! pic.twitter.com/WmuIg8Ccc6
— Charles Hoskinson (@IOHK_Charles) July 13, 2023
Infact, Coinbase’s COIN share price is up 24% This price rally is driven largely by investors who see the decision as a representing a rejection of the SEC’s argument in the lawsuit it filed against Coinbase in June. I wont go into Coinbase lawsuit details in this video but you can check the details out in.
XRP Win Crushed Bitcoin Dominance
The entire crypto community is rejoicing the XRP win but it seems most of you missed to take a look at this. For example, Bitcoin’s market dominance briefly dipped below 50% as altcoins deemed securities by the SEC notched double-digit gains.
The most important thing about Bitcoin Dominance is that it can help you understand if altcoins are in a downtrend or uptrend against BTC. When BTC Dominance goes up, alts, on the whole, lose value against BTC. When BTC Dominance goes down, alts on the whole, gain value vs BTC.
XRP declared not a security.
Bitcoin dominance: pic.twitter.com/veZDJTHQlu
— Will Clemente (@WClementeIII) July 13, 2023
Even at the time of press, BTC dominance is just a little above 50.4%. So we might have to wait for the first BTC ETF approval or halving to see BTC rally dominate alts rally. Let me know in the comments which rally are you more excited about Alts or BTC?
Warning Signs by Ripple CTO
Hype around such updates is when crypto scammers get highly active in trying to dupe unwary investors. So, Ripple CTO, Schwartz, took to Twitter to warn against the rising XRP scams.
A lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.
— David "JoelKatz" Schwartz (@JoelKatz) July 13, 2023
Stay very careful while you enjoy the pumps!
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