Success for Ripple: Court ruling causes XRP price to explode and raises questions about Ether price

Success for Ripple: Court ruling causes XRP price to explode and raises questions about Ether price

Ripple court decision causes crypto market to react euphorically

Yesterday's court decision that Ripple (XRP) should not be classified as a security caused great euphoria in the crypto market. XRP recorded an increase of almost 70% and other coins from the top 100 also benefited from this development. Even Ethereum (ETH) briefly rose to $2,000. But what impact does this decision have on the price of Ethereum?

The long wait for the Ripple court decision

It took more than two years for the court to make a decision regarding Ripple. Yesterday we finally breathed a sigh of relief. Although this is only a partial victory for Ripple, as the XRP coins sold to institutional customers could be classified as securities and there will be a new process, the most important message for market participants is that the publicly traded XRP tokens are not considered securities.

Ethereum also reacts positively to the decision

Ethereum, the second largest cryptocurrency by market capitalization, also reacted promptly to the Ripple court decision. The ETH price has risen by almost 6% in the last 24 hours. Ethereum also briefly exceeded the $2,000 mark. Other coins such as SOL, ADA and MATIC have benefited even more from the situation, while Bitcoin remained almost unaffected. The reason for this is obvious.

Ethereum also not a security?

In recent weeks, Bitcoin has been able to significantly expand its market dominance because there was never any talk of it being classified as a security. With Ethereum, however, this question was raised at times as the switch from Proof of Work to Proof of Stake aroused the interest of the US Securities and Exchange Commission (SEC).

The Ripple court decision is groundbreaking

Although the Ripple ruling does not mean the end of the discussion about the classification of cryptocurrencies as securities, it seems to point the way. This is the reason why the prices of numerous altcoins have risen so sharply. However, the issue is by no means closed, as the SEC still has the option to appeal. Nevertheless, there are many indications that the ruling could have a positive impact on the crypto market.

Positive outlook for Ethereum

Despite the positive reaction to the Ripple court decision, Ethereum has failed to surpass the yearly high set after the Shanghai upgrade. With the current price just below $2,000, the $2,020 level remains strong resistance. Only when this has been overcome can the annual high of around 2,130 US dollars be attacked.

Sentiment in the crypto market is improving

Overall, the mood on the crypto market can be described as strongly bullish. The uncertainty of the last few weeks and months is slowly subsiding as various factors interact positively. Declining inflation, the SEC's ineffective efforts and constant improvements to the Ethereum blockchain increase the chances of a new all-time high for the Ether price next year.

Meme coins benefit from the momentum

Not only the top 20 coins benefited from yesterday's development, but also meme coins such as PEPE, Dogecoin, Shiba Inu and the Mr. Hankey Coin ($HANKEY). The latter in particular attracted attention with its presale yesterday.

Mr. Hankey Coin ($HANKEY) in focus

Mr. Hankey Coin ($HANKEY) showed yesterday that it could have the potential to become the next x100 coin. Within 9 hours, the presale, in which $500,000 worth of $HANKEY tokens were sold, was completely sold out. The team behind the meme coin has already announced the start of trading on Uniswap for today. There is a possibility that $HANKEY will make the next price jump.

Thug Life Presale ends soon

Anyone who missed the presale of Mr. Hankey Coin still has the opportunity to get in when trading starts this evening. Alternatively, there is the Thug Life ($THUG) presale, which ends in 2 days. Currently, more than $1.5 million worth of Thug Life tokens have been purchased, indicating big gains in the next week. Thug Life still has upside potential and could achieve similar success to the Spongebob token.

Conclusion

The Ripple court decision has triggered positive sentiment in the crypto market. Ethereum was also able to benefit, although it has not yet been able to surpass its annual high. However, the situation has not yet been finally resolved and the SEC still has the opportunity to appeal. Nevertheless, the overall outlook for the crypto market is positive. Meme coins such as PEPE, Dogecoin, Shiba Inu and Mr. Hankey Coin ($HANKEY) can also benefit from this dynamic.