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.
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