Crypto
Ripple Verdict: Bull Market or More Malaise? – A Crypto Nerd’s Perspective
Ripple Verdict: Bull Market or More Malaise? – A Crypto Nerd’s Perspective
The recent ruling by Judge Sarah Netburn regarding Ripple’s ongoing lawsuit with the SEC has caused quite a stir in the crypto world. Some are hailing it as a victory for Ripple and the entire industry, while others are more cautious and predict potential negative consequences. Let’s take a closer look at what the decision means and why it matters.
The Ruling
On March 29th, Judge Netburn denied the SEC’s request for access to Ripple’s legal communications and confirmed that Ripple’s executives, Brad Garlinghouse and Chris Larsen, are not considered public figures. This is significant because the SEC had previously argued that Garlinghouse and Larsen had sold XRP illegally as unregistered securities. However, because they are not public figures, their personal finances and non-Ripple related business transactions cannot be used to support the SEC’s case.
Judge Netburn’s ruling is not a final decision in the case itself, but it does indicate that she believes Ripple has a strong argument. It also makes it more difficult for the SEC to prove their case, as they will no longer have access to certain information that could bolster their claims.
Industry Impact
The ruling has already had an impact on the price of XRP, which saw a significant increase in value after the news broke. However, many experts are still cautious about the future of Ripple and the overall impact on the crypto industry.
Some argue that the ruling is a positive sign for the industry as a whole, as it indicates that regulatory bodies are not able to overstep their bounds and that crypto companies have rights to legal protections. Others predict that it may actually make the SEC more aggressive in pursuing other crypto projects, as they may feel the need to show that they can still be effective despite the ruling.
Overall, the ruling has created more uncertainty in an already unstable industry. It remains to be seen whether Ripple will ultimately win the case and, if so, what that will mean for their future. It also remains to be seen what impact the decision will have on the larger crypto landscape and how regulatory bodies will respond.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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