Global news agency Reuters highlighted an altcoin that is now more influential than Bitcoin, following recent developments in the US.
Reuters highlights this coin as an unexpected force instead of Bitcoin
The global news agency focused on how the latest US court decision has affected the market as a whole. According to their reports, the US court’s partial exoneration of XRP coincided with the unexpected strength of the coin.
On the day the decision was announced, XRP gained over 87% in just a few hours. Meanwhile, it jumped from $0.4 to about $1. This legal victory created a ripple effect throughout the altcoin market, increasing volumes. Other altcoins also grew by 11%. At one point, it also helped BTC and ETH prices take action.
Experts state that the court decision is an important turning point for the altcoin industry. However, the frictions between Ripple and the SEC are not yet completely over. Ripple’s potential to appeal the SEC decision remains valid. Therefore, the process of determining the status of XRP still remains unclear. As Kriptokoin.com, we have conveyed what lawyer John Deaton thinks about this issue.
XRP victory is positive news for the entire market, according to Reuters
Reuters also states that the decision did not only affect the altcoin market. It also affects other major cryptocurrencies like Bitcoin, he says. Fineqia International analyst Matteo Greco confirmed that the court decision marks an important milestone for the altcoin industry. According to Greco:
A major milestone for the altcoin industry; If XRP is not a security, it is fair to assume that any other cryptocurrency cannot be accepted as such.
Also, Reuters noted that the enthusiasm has gone beyond the altcoin market, even affecting Bitcoin (BTC), which reached one of its highs last year and fell below the $30,000 price point. The agency stressed that despite the victory, Ripple still faces challenges, including the potential to appeal the decision from the Securities and Exchange Commission (SEC).
Notably, apart from the appeal, another challenge Ripple faces is that the US court classifies Ripple’s sale of XRP to institutional investors as securities. Meanwhile, the court ordered Ripple and the SEC to see if a settlement would be possible.
Ripple CEO says appeal process will take years
Brad Garlinghouse, on the other hand, states that the process may take some time if he files an appeal in the XRP case. However, he expresses his confidence that even in such a case, the outcome will still be in favor of crypto. A potential appeal from the SEC would take years, according to Garlinghouse. The CEO believes this will further solidify the decision that XRP is not a security as a result.
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