Cryptocurrencies Experience Notable Gains with XRP Headlining a 10%-Plus Rally, Accompanied by Cardano, Chainlink, and SUI's Surge
Headline: Ripple-SEC Appeals Dismissal Sparks Altcoin Rally, Boosting XRP and XLM
In a significant development for the cryptocurrency market, Ripple and the Securities and Exchange Commission (SEC) have jointly decided to dismiss all appeals in their ongoing legal dispute. This news, confirmed by Ripple's Chief Legal Officer Stuart Alderoty, has restored investor confidence and sparked a broad market rally across altcoins.
The dismissal of appeals has fundamentally reduced the legal uncertainty surrounding Ripple’s XRP token, clearing a significant hurdle that had previously restrained its price. As a result, XRP experienced a strong bullish breakout, with its price surging by 10.5% to $3.32.
Stellar (XLM) also rallied alongside XRP, exhibiting bullish technical patterns mirroring XRP’s breakout. XLM price jumped 14.6% to $0.46, reflecting renewed optimism and increased trading volumes. Technical analysis suggests potential further upside if key resistance levels are broken.
The market-wide altcoin rally was driven by the reduction in regulatory uncertainty, which unlocked positive momentum in XRP and altcoins with correlated fundamentals and market sentiment. Other altcoins that saw significant gains include Chainlink (LINK), Sui, Cardano (ADA), Hyperliquid (HYPE), Solana (SOL), and Ethereum (ETH).
Mal Zane, Regional Director at crypto exchange CoinEx, predicts that a breakout above $3.33 for XRP could pave the way toward $3.65 in the coming days. If positive news flow and liquidity inflows persist, medium-term targets for XRP are estimated at $5.00-$5.50 over a 1-1.5-month horizon.
It's worth noting that the 2023 split ruling regarding XRP's sales remains intact, with institutional sales found to violate securities laws, while public exchange sales are not.
Meanwhile, in the prediction market and engagement platform Myriad, 85% of users are now confident that Ethereum will surpass $4,000 before the end of the month, an increase from yesterday when 54% of users thought it would happen.
Trump's executive order allowing crypto in 401(k) retirement plans also contributed to the change in sentiment in the crypto market. The SEC and Ripple have filed to dismiss their respective appeals in the Second Circuit Court, and the $125 million penalty will now transfer to the U.S. Treasury.
Illia Otychenko, Lead Analyst at CEX.IO, stated that the rapid change in sentiment was driven by multiple factors, not just the end of SEC and Ripple’s appeals. The SEC's clarification that certain liquid staking activities, such as Ethereum's Lido and Solana's Jito, are not considered securities, may also have played a role in this positive market sentiment.
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- The dismissal of appeals in the legal dispute between Ripple and the SEC has boosted not only XRP and XLM, but also other altcoins, such as Chainlink (LINK), Sui, Cardano (ADA), Hyperliquid (HYPE), Solana (SOL), and Ethereum (ETH).
- Expert Mal Zane, Regional Director at crypto exchange CoinEx, predicts that XRP price may see further upside, potentially reaching $3.65 in the coming days.
- Medium-term targets for XRP, according to Zane, are estimated at $5.00-$5.50 over a 1-1.5-month horizon.
- The positive sentiment in the crypto market has been fueled by not only the dismissal of appeals but also Trump's executive order allowing crypto in 401(k) retirement plans.
- Illia Otychenko, Lead Analyst at CEX.IO, suggests that the SEC's clarification on certain liquid staking activities, such as Ethereum's Lido and Solana's Jito, not being considered securities, may have also contributed to the current positive market sentiment.
- The decentralized finance (DeFi) sector is experiencing a surge as well, with predictions that Ethereum could surpass $4,000 before the end of the month, as suggested by the crowd at the prediction market and engagement platform Myriad.
- The crypto market is witnessing a shift towards a more decentralized, digital asset-focused ecosystem, with technologies like dapps playing an increasingly crucial role.
