Marking an abrupt end to its three-year-long legal kerfuffle with the Securities and Exchange Commission (SEC), digital asset payment network, XRP witnessed a remarkable surge of over 60% in a day. This upturn significantly uplifted the cryptocurrency sphere, tacking an impressive $73.5 billion increase, a 5.7% rise, onto its market cap. XRP, the linchpin of this robust rally, saw a whopping 66.94% climb which spells promise for the asset’s future stance.
Amidst the emblazoned fervor, XRP’s price reached $0.789 and its market cap settled at a substantial $41.44 billion. With this, it managed to overtake Binance Coin (BNB) and repossess the fourth spot by market cap for the first time in two years. Parallelly, BNB also saw a 6% rise in its market value, settling at $40.58 billion.
Market enthusiasts and observers keenly eye the likelihood of XRP breaking past the elusive $1 mark. This seems more likely now than ever before, in the wake of the SEC lawsuit’s resolution. The lawsuit, a considerable dampener on XRP’s market performance in the past, shredded over 50% of the asset’s value. Following the pall cast by this lawsuit, plans for going public had been put on an indefinite hiatus where they remained until the case’s recent closure.
There are strong indications towards the surge being driven by heavy-duty investors or crypto ‘whales’, as the highest point in 2023 has been hit by wallets holding more than $100,000. Trading volumes, too, have ascended to a 10-month summit. Analyst Brian Q at Santiment brushed off notions of this being a fleeting trend fueled by the whales, hinting at the possible longevity and sustainability of the surge.
The ripple effect of XRP’s victory over SEC resonated across the financial spectrum, with bolstered gains being noted market-wide. Bitcoin (BTC), the market leader, clocked a new yearly high of $31,686 following the ruling, while Stellar (XLM) led the altcoin rally with a 55% rise in 24 hours. Other assets like Ethereum (ETH), Solana (SOL), Cardano (ADA), and Avalanche (AVAX) reflected notable gains.
Despite the promising landscape painted by these developments, it’s crucial to remain mindful of the market’s capricious nature and take these burgeoning trends with a pinch of skepticism.
Source: Cryptonews
