The crypto community celebrated Judge Analisa Torres’ ruling last week that XRP is not a securities or an investment contract. The decision had broad ramifications, and when traders realised what it meant, they went on a buying binge that helped numerous cryptocurrencies, including XRP, hit year-to-date (YTD) highs.
Most notable market changes
For the majority of tokens, the market rise witnessed a number of noteworthy achievements, with XRP rising as much as 70% after the decision. Even if the excitement now seems to be waning, there have been a few developments that merit attention.
Julio Moreno, the head of research at CryptoQuant, claims that midcap cryptocurrencies often outperformed the market, and when XRP was added to the mix, the asset class increased by 29%. Small caps, which many people think have a tendency to soar because of high volatility, often outperformed this.
According to CryptoQuant statistics, small caps increased by 7% over the time period under consideration, while large caps, including Bitcoin (BTC) and Ethereum (ETH), were flat. Additionally, midcaps gained a significant $15 billion in value after the judgement, and the fresh impetus these asset classes experienced weakened Bitcoin’s position as the leader, despite previous U.Today reports showing it had fallen.
Many securities tokens have experienced a surge in popularity that hasn’t been seen in a while, with the key factor in the decision being whether or not XRP is a security.
More upsides in view for market
Legal professionals say there is still more to be done before the blockchain payments company is totally exonerated of the charges levied against it by the United States Securities and Exchange Commission (SEC).
The prospect of a success is typically certain to drive a market surge in the upcoming weeks and months, despite the fact that the little win has been judged a highly potent one for other outstanding cases, including those of Coinbase and Binance.
