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In the aftermath of a U.S. federal judge’s verdict stating that XRP, Ripple network’s token, is not a security under specific circumstances, several well-known altcoins have displayed notable gains. The most significant growth was observed in XRP, which experienced an enormous 62% surge, trading above $0.76, data from CoinGecko reveals. This development has caused quite a stir amongst XRP enthusiasts on Twitter.
Other altcoins, some previously labelled securities by the U.S. Securities and Exchange Commission (SEC), also saw favorable shifts. Solana (SOL) demonstrated a substantial rise with a 17% daily gain and a cumulative 32% weekly gain, trading at roughly $26, CoinGecko’s data suggests.
Polygon (MATIC), an Ethereum scaling network that underwent executive team restructuring recently, also experienced a significant upturn, showing a 16% daily gain and trading at $0.84. Its weekly gain amounted to an encouraging 27%. Similarly, Stellar Lumens (XLM) also showed a considerable increase, up by 35% on the day and trading above $0.13.
Beneficial Ruling for the Crypto Space
Other cryptocurrencies that the SEC had previously classified as securities also performed well, albeit not as dramatically as the aforementioned coins, according to CoinGecko. For instance, despite Filecoin’s (FIL) seemingly modest 6% daily gain, it has seen a substantial 25% surge over the month, with its current market value standing at $4.55. Cosmos Hub (ATOM) follows a similar trajectory, marking a 6% daily gain and an approximate 12% gain over the past 30 days. It is currently trading above $9.60.
The judge declined to deliver a summary judgment on whether the systematic XRP sales via exchanges constituted the sale of securities, implying that further litigation will ensue on this issue.
The legal ruling concerning XRP has been perceived as beneficial for the broader crypto space, according to industry analysts. It offers both investors and developers much-needed clarity. However, while the decision implies that XRP cannot be classified as a security under certain conditions, the issue is far from being completely resolved.
Swan Bitcoin‘s CEO, Cory Klippstein, has warned the crypto community to exercise caution amidst the celebrations on Crypto Twitter. He commented to Decrypt, “The judge declined to deliver a summary judgment on whether the systematic XRP sales via exchanges constituted the sale of securities, implying that further litigation will ensue on this issue.” Klippstein further added that he anticipates “secondary trading of altcoins on exchanges will be given a pass, which aligns with the existing laws.
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