XRP Leads Double Digit Altcoin Rally as Cardano, Chainlink and SUI Surge
Main Idea
Altcoins, including XRP, XLM, and LINK, surged significantly as the SEC and Ripple Labs' legal battle concluded, with market optimism fueled by regulatory clarity and other positive developments.
Key Points
1. XRP rose 10.5% to $3.32, XLM jumped 14.6% to $0.46, and LINK surged 14.0% to $19.22 in 24 hours, contributing to a 1.2% increase in the global crypto market cap to $3.89 trillion.
2. Other altcoins like Sui (SUI), Cardano (ADA), Hyperliquid (HYPE), and Solana (SOL) also posted gains, with Ethereum (ETH) rising 4.6% to $3,892.83.
3. The SEC and Ripple Labs' legal battle concluded with a $125 million penalty, maintaining the 2023 ruling that institutional XRP sales violated securities laws but public exchange sales did not.
4. Market optimism was further boosted by an executive order allowing crypto in 401(k) plans and the SEC's clarification on liquid staking protocols like Ethereum's Lido and Solana's Jito.
5. Analysts noted technical breakout potential for XRP, with a possible rise to $3.65 if it surpasses $3.33, but warned of downside risks if it falls below $3.10.
Description
XRP spikes 10%, XLM and LINK follow with double-digit rallies as Ripple’s multi-year battle with the SEC ends.
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