XRP Ruling Sends Shockwaves: Crypto Market Skyrockets
The cryptocurrency market has experienced a significant surge following the recent landmark ruling in favor of Ripple (XRP) against the U.S. Securities and Exchange Commission (SEC). The court ruled that XRP's sales on public exchanges were not securities offerings, leading to a 73% increase in XRP's value within 24 hours, pushing its market cap to $42.6 billion and making it the fourth largest cryptocurrency.
This decision has had a ripple effect across the entire crypto market, with Bitcoin (BTC) and Ethereum (ETH) breaking critical barriers at $31k and $2k respectively. Bitcoin saw a 4.3% increase over 24 hours, reaching a market cap of $613.8 billion, while Ethereum gained 6.9% for a market cap of $239.8 billion.
The ruling has also sparked optimism among other cryptocurrencies such as Cardano (ADA), Solana (SOL), and Polygon (MATIC), which saw gains of 19.5%, 17.3%, and 17.8% respectively. The total crypto market capitalization rose by 6.5% to $1.3 trillion. This bullish trend indicates a renewed investor confidence in the wake of the XRP decision, signaling a positive shift in the crypto market landscape.
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