Top news agency Reuters highlights XRP significant impact on the altcoin market and broader crypto landscape following the recent US court ruling.
Reuters, a leading news agency, has spotlighted XRP’s explosive growth amid the recent regulatory clearance from the US court. According to a recent report by Reuters, XRP has emerged as an unexpected force in the crypto market, thwarting regulatory challenges and reigniting investor interest.
Specifically, the day the US court ruled XRP’s non-security status saw the digital asset rise over 87% in a few hours, pushing its price to nearly $1 from around $0.4.
XRP Ruling Propelled the Altcoin Market in Billion
Reuters highlights that XRP’s landmark legal victory has had a ripple effect on the broader altcoin market as the market cap for all altcoins rose from $636.38 billion to $665.2 billion after the ruling. Similarly, according to the report, coins initially tagged as securities by the US regulator saw 11% following the verdict.
Matteo Greco, an analyst at Fineqia International, confirmed that the court pronouncement was a significant milestone for the altcoins sector. In his words:
“It’s a big milestone for the altcoins sector; it is fair to assume that if XRP is not a security, barely any other digital asset can be considered that way.”
Furthermore, Reuters noted that the enthusiasm spread beyond the altcoin market, even affecting Bitcoin (BTC), which reached one of its highest points over the past year before dropping below the $30k price point.
Despite the victory, Reuters stressed that Ripple still faces challenges, including the potential for the Securities and Exchange Commission (SEC) to appeal the ruling.
However, as The Crypto Basic reported, a prominent lawyer John Deaton argued that the SEC cannot get a judgment from the appeal court until at least two years. The lawyer further stated that the chances of the appeal court overruling XRP’s status is highly unlikely.
Notably, aside from the appeal, another challenge Ripple faces is that the US court classed Ripple’s XRP sale to institutional investors as security. Meanwhile, the court has ordered Ripple and SEC to meet and see if a settlement would be possible, as The Crypto Basic reported.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
