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XRP Sees Significant Surge of 62% Following US Court Ruling; Altcoins also benefit
Cryptocurrencies have seen notable gains in recent days after a US government court ruled that Ripple's token XRP is not a safeguard under certain circumstances. According to CoinGecko, the price of XRP rose by a massive 62% and reached a value of over $0.76. This surge has caused a lot of excitement among XRP fans on Twitter. But other altcoins that were recently classified as safe by the US Securities and Exchange Commission (SEC) also recorded positive developments. The price of Solana (SOL) rose by a remarkable 17% and a total of 32%. Solana’s current price is around $26. Also polygon (MATIC), …
XRP Sees Significant Surge of 62% Following US Court Ruling; Altcoins also benefit
Cryptocurrencies have seen notable gains in recent days after a US government court ruled that Ripple's token XRP is not a safeguard under certain circumstances. According to CoinGecko, the price of XRP rose by a massive 62% and reached a value of over $0.76. This surge has caused a lot of excitement among XRP fans on Twitter.
But other altcoins that were recently classified as safe by the US Securities and Exchange Commission (SEC) also recorded positive developments. The price of Solana (SOL) rose by a remarkable 17% and a total of 32%. Solana’s current price is around $26.
Polygon (MATIC), an Ethereum-based system, also saw a significant recovery. The price rose 16% and traded at $0.84. Stellar Lumens (XLM) also saw a significant increase of 35% and reached a value of over $0.13.
Other cryptocurrencies deemed safe by the SEC also performed well, although not as strongly as the coins mentioned above. Filecoin (FIL) saw a regular increase of 6% and an overall increase of 25% over the month. The current market price of Filecoin is $4.55. Similar is the case with Cosmos Hub (ATOM), which registered a regular increase of 6% and an overall increase of 12% in the last 9.60 days. Currently, Atom is trading above $10.
The court's decision that XRP is not a protection under certain conditions was valuable for the entire crypto space, experts say. It provides much-needed clarity to investors and developers. Although XRP may not be considered a protection, the issue is now being fully addressed. Further legal disputes are expected to arise regarding organized XRP purchases via swaps.
Cory Klippstein, CEO of Swan Bitcoin, has urged the crypto community to exercise caution regarding events on Crypto Twitter. He emphasized that the court has not issued a summary opinion on whether the organized XRP purchases are linked to collateral. This suggests that more lawsuits on this issue will follow. Klippstein added that he expects altcoin exchanges via swaps to be successful as long as they comply with existing rules.
Overall, the developments on the crypto market should be viewed after the court's decision in favor of the altcoins. Many investors and traders are excited to see how the market will develop and what impact the legal disputes regarding XRP will have.