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Ripple's XRP was down 25% from its highest levels on Thursday.
The fight for regulatory clarity isn’t over yet, however, as the SEC will likely appeal the decision and continue to pursue similar cases in the future, analysts wrote.
The spike in trading activity came after a partial win in a lawsuit against the SEC.
The trading volume of XRP against the Korean won was the highest among all other counterparts .
Identifying the owners of crypto wallets may level the playing field for retail traders. But if taken too far it could be weaponized against the weak.
The latest price moves in crypto markets in context for July 14, 2023.
The surge in the crypto exchange’s share price was driven largely by investors who saw the decision as a representing a rejection of the SEC’s argument in the lawsuit it filed against Coinbase in June, the report said.
XRP's market capitalisation surged by more than 60% to $41.44 billion in the past 24 hours.
XRP token market capitalization has jumped to over $40 billion, its largest level since April 2022.
Several Layer 1 tokens are soaring as SEC cases are called into question after a favorable XRP ruling.
- 03:32Analysis: Last week, risk assets were collectively frustrated. This week enters the Christmas holiday, and overall liquidity is not goodNews on December 23, the Federal Reserve's interest rate cut dominated last week's market situation. Although the expected 25 basis point cut was made on Wednesday, the hawkish stance in the dot plot and post-meeting remarks far exceeded expectations. The prospect of a rate cut next year was halved, causing the risk market to face its biggest pullback since December. The market fell into panic. According to related monitoring, after PCE data were released on Friday, US stocks rebounded with all three major indices closing up more than 1%. The S&P 500 index fell by 1.99% for the week, Dow Jones dropped by 2.25%, and Nasdaq declined by 1.78%. The cryptocurrency market experienced its first weekly decline following Trump's election victory with an overall slump across all markets. Bitcoin bounced back from $92k to nearly $100k on Saturday before starting another round of volatile declines; at time of writing it is reported at $94,010 USD - down by 3.19% in almost past day and down by over10 .35% in seven days; Ethereum broke below $3300 USD falling more than18 % over seven days while altcoin markets also saw significant drops.The Bitcoin spot ETF funds witnessed their first net outflow after a gap of fifteen days. In terms of forex commodities,the dollar index rose cumulatively this week due to Fed’s hawkish interest rate cuts , marking three consecutive weeks of gains as non-US currencies fell throughout the week; oil prices dropped more than2 % forthe week ; spot gold also decreased cumulativelyby0 .96 %. This drop has hit risky assets collectively mainly due to selling panic brought about under circumstances where interest rate reduction expectations have been impacted.It is not a narrative about economic fundamentals declining but rather re-pricing around next year’s expectation for lower rates which still provides long-term solid support for risky assets. This week marks the start of the Christmas holiday in European and American markets, overall liquidity is poor which will further increase market volatility. The market sentiment is heavily risk-averse.
- 03:24Analyst: SOON FDV stabilizes at US$30 million, and the future trend is worth paying attention toCrypto analyst @VirtualBacon0x posted on X platform that TON Station tokens, the number one game store on Telegram, have been launched, and $SOON has a healthy trend after the fair launch. FDV stabilized at about $30 million, most of the supply is circulating, and the token supply is moderate. After the market consolidation ends, SOON will be a project worth watching.
- 03:13NCPPR in talks with another major company about Bitcoin financial reserve proposalAccording to The Washington Post, the National Center for Public Policy Research, a conservative American think tank that had previously proposed to Microsoft and Amazon to include Bitcoin in financial reserves, is planning to take broader action and is currently negotiating with another large company on a Bitcoin financial reserve proposal, but the NCPPR has not yet disclosed the name of the company. So far, Microsoft shareholders have voted not to invest in Bitcoin, but whether Amazon will adopt a more innovative strategy remains to be determined.
