Ripple’s (XRP) victory against the SEC has ramifications that go beyond the lawsuit. Cryptocurrencies that had been qualified as “securities” by the American financial policeman, such as MATIC, SOL or AVAX, are also experiencing marked increases. Update on this trend.
The Ripple VS SEC affair does not only affect XRP
In its case against Coinbase, the United States Securities and Exchange Commission (SEC) cited 12 cryptocurrencies considered as “securities”. The American financial policeman indeed weighs all his arguments on the notion of “securities”. Ripple was thus accused of having offered securities to investors without having declared it, and therefore of having tried to deceive them.
The judge ruled yesterday: XRP is not a security – at least not when it is offered on exchanges. This therefore sets a precedent that could influence the other 12 cryptocurrencies that the SEC has also accused of being securities. These benefit from a renewed confidence… And this is of course transmitted to their prices.
Starting with the SOL de Solana course. In less than a day, cryptocurrency jumped +50%, to exceed $30 again. It has lost ground since, but still shows +46% over the week:
SOL price has exploded since Ripple’s SEC win
Solana’s SOL is now in 9th place among the most capitalized cryptocurrencies of the moment.
👉 Also discover – How to buy Solana (SOL) in 2023? Simple and fast method
MATIC, ADA, AVAX… Cryptocurrencies are taking over
Same topo on the Cardano ADA side, which displays +20% over the last 24 hours. Polygon’s MATIC is up +14.5% over the same period, and Avalanche’s AVAX is up +17%.
The trend is well and truly limited to cryptocurrencies reviewed by the SEC. For comparison, the price of Bitcoin has only gained 2% over the last 24 hours, and ETH has fallen by 0.1%. We remember that Gary Gensler, the director of the SEC, had dodged questions when it came to determining the status of the cryptocurrency of Ethereum.
The battle is far from over, but the signs are encouraging for the cryptocurrencies in question. For the SEC, the initial financing of Ripple remains to be discussed in particular, and this too will be considered as a precedent. The regulator has therefore certainly not said its last word.
👉 Listen to this article and all other crypto news on Spotify
Confused and overwhelmed by cryptocurrencies? 🤔
Spot opportunities and make informed investment decisions 🔎
Source: Trading View
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
2482 items
