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XRP Ruling: Here Are Biggest Market Changes Recorded So Far
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The past week saw the crypto ecosystem celebrate the verdict from Judge Analisa Torres that declared that XRP is not an investment contract or a security. The ruling has far-reaching implications, and the realization of what it meant drove positive sentiment among traders, who went on a buying spree to push many altcoins, including XRP to their year-to-date (YTD) highs.
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Most notable market changes
The market rally saw a number of impressive milestones for most tokens, with XRP jumping as high as 70% following the verdict. While the hype seems to be cooling off at this time, there are a number of changes that are worth taking note of.
According to CryptoQuant’s head of research, Julio Moreno, midcap altcoins generally outperformed the market, and when XRP was brought into the mix, the asset class jumped by 29%. This generally surpassed small caps, which many believe have the propensity to jump based on intense volatility.
What are the most notable market changes after the recent XRP court ruling (XRP not considered a security)? How are different sectors moving?
1. By MarketCap, MidCap coins have outperform significantly (includes XRP), up 29%. SmallCaps are up 7% and LargeCaps are flat (BTC and… pic.twitter.com/cSkOn7gK9D
— Julio Moreno (@jjcmoreno) July 17, 2023
Small caps, per the CryptoQuant data, grew by 7%, while large caps featuring Bitcoin (BTC) and Ethereum (ETH) were flat within the time under review. Additionally, midcaps added a massive $15 billion following the verdict and the renewed momentum these asset classes gained placed a wedge in the dominance of Bitcoin, which earlier U.Today reports showed plunged.
XRP Dethrones Bitcoin (BTC) as Top-Traded Asset, Dominates 20% of Crypto Market
With the subject of whether or not XRP constitutes a security being the primary basis of the verdict, many securities tokens have also received such momentum that has not been recorded in a while.
More upsides in view for market
According to legal experts, there is still a long way to go before the blockchain payments firm is completely free from the allegations placed on it by the United States Securities and Exchange Commission (SEC).
Nonetheless, the small win has been deemed a very potent one for other pending cases, including those of Coinbase and Binance, and the expectation of a win is generally bound to fuel a market rally in the coming weeks and months.
About the author
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.
