The Ripple Effect: Crypto Market Soars $73.5B After Judge’s Ruling in XRP SEC Case

By Decrypt July 15, 2023 In Ethereum, Ripple, Stellar

The crypto market cap jumped 5.7% in the last 24 hours, per Coingecko data, following a U.S. judge’s ruling that found XRP, the payment token powering the Ripple Labs ecosystem, is not a security in certain cases.

The total market cap of the niche has touched $1.3 trillion, adding $73.5 billion or trading 6% higher since yesterday.

On Thursday, the Southern District Court of New York ordered that programmatic sales of XRP to retail investors do not qualify as securities. However, institutional sales of XRP do qualify the coin as a security, per the court’s ruling.

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XRP led the crypto market’s 24-hour gains at 66.4%, followed by Stellar (XLM) with a 54.2% rise in the same period. Historically, XLM has maintained a strong correlation of 0.76 with XRP, according to Cryptowatch data, which means its price moves in parallel with XRP.

The positive sentiment in the crypto market has also pushed Bitcoin (BTC) to a new yearly high of $31,686, surpassing April’s peak of $31,468, as per CoinGecko data.

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Ethereum (ETH) has also moved above its psychological resistance level of $2,000.

Among the top gainers in the top 100 tokens by market cap on CoinGecko, Solana (SOL) is up 34.7%, Cardano (ADA) by 23.7%, and Polygon (MATIC) at 19.6% comprises the top seven spots alongside XRP and XLM.

These three digital assets plummeted in June following fresh lawsuits by the SEC against Binance and Coinbase, which considered these cryptocurrencies as securities.

Lido DAO (LIDO), the leading liquid staking platform on Ethereum, has also surged by 25.3%, positioning itself among the top market winners.

Liquid staking protocol enables users to stake their ETH while retaining the liquidity, made possible by liquid staking tokens, which represent a claim on the staked assets.

Elsewhere, PepeCoin (PEPE) has once again led the meme coin sector with a 17.3% rise since yesterday, roughly double the gain in Dogecoin (DOGE) at 8.9%, while Shiba Inu (SHIB) rose by 6.5%.

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