Decentral Block Post

A court ruling in favor of Ripple Labs — stating that XRP (XRP) is not a security — reignited the long-lost hype around the ecosystem. Anticipating an influx of scams as the token rallies defying bearish sentiments, Ripple CTO David Schwartz issued a warning to investors.

A two-year-long legal battle between the Securities and Exchange Commission (SEC) and Ripple partly concluded on July 13 with XRP having ripped off the ‘securities’ label by the United States District Court in the Southern District of New York.

What followed was an organic but substantial spike in XRP’s market price. As shown below, the XRP price rallied over 70% — bringing up its value from $0.47 to $0.82 in a day. The incident also marks the biggest price jump XRP witnessed over the past year.

The hype around cryptocurrencies or crypto ecosystems like nonfungible tokens (NFTs) is when crypto scammers get highly active in trying to dupe unwary investors. Schwartz took to Twitter to warn against the rising XRP scams. He said:

“A lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.”

Polygon (MATIC) has experienced a significant price increase on July 13, driven by several key factors. These include a recent positive court ruling for XRP, increased activity of decentralized applications (Dapps) on the Polygon Network, and the highly anticipated launch of Polygon 2.0.

Within just 12 hours, MATIC witnessed a remarkable 24% rally, propelling its price to $0.89 on July 13, reaching its highest level in five weeks. Although the initial excitement subsided, the token managed to sustain a daily gain of 15%, indicating growing demand from traders and investors.

MATIC seizes opportunity from the SEC's loss

On July 13, the United States District Court for the Southern District of New York ruled that XRP is not a security. This court decision could have far-reaching implications for other alternative cryptocurrencies, particularly after the U.S. Securities and Exchange Commission (SEC) specifically classified MATIC as a security during its legal battle against Coinbase on June 6.

As investors evaluated the risks associated with holding and trading assets that could potentially face delisting from regulated centralized exchanges, the price of MATIC plummeted by 37% over the next five days, hitting its lowest point in 11 months on June 10.

The court ruling determined that XRP holders do not have a reasonable expectation of earning profits from the efforts of others. This outcome represents a positive development for the entire cryptocurrency industry.

Polygon (MATIC) has experienced a significant price increase on July 13, driven by several key factors. These include a recent positive court ruling for XRP, increased activity of decentralized applications (Dapps) on the Polygon Network, and the highly anticipated launch of Polygon 2.0.

Within just 12 hours, MATIC witnessed a remarkable 24% rally, propelling its price to $0.89 on July 13, reaching its highest level in five weeks. Although the initial excitement subsided, the token managed to sustain a daily gain of 15%, indicating growing demand from traders and investors.

MATIC seizes opportunity from the SEC's loss

On July 13, the United States District Court for the Southern District of New York ruled that XRP is not a security. This court decision could have far-reaching implications for other alternative cryptocurrencies, particularly after the U.S. Securities and Exchange Commission (SEC) specifically classified MATIC as a security during its legal battle against Coinbase on June 6.

As investors evaluated the risks associated with holding and trading assets that could potentially face delisting from regulated centralized exchanges, the price of MATIC plummeted by 37% over the next five days, hitting its lowest point in 11 months on June 10.

The court ruling determined that XRP holders do not have a reasonable expectation of earning profits from the efforts of others. This outcome represents a positive development for the entire cryptocurrency industry.

Bitcoin (BTC) dominance has taken a tumble in the wake of Ripple’s partial victory against the United States Securities and Exchange Commission, with a surge in altcoin prices briefly causing BTC dominance to fall under the 50% mark. 

Bitcoin dominance — the measure of how much Bitcoin makes up of the total crypto market cap — fell to 49.76% during Asian trading on July 14, according to Tradingview.

Just weeks earlier, BTC market dominance finally managed to rachet above 50%  after a dry spell of two years, amid a slew of applications for spot Bitcoin ETFs from major financial firms. Over the last 24 days, Bitcoin dominance had been hovering around 51% and 52%.

The recent dip in Bitcoin dominance comes as the crypto community is chanting the return of “altcoin season.”

Boosted by Ripple’s court victory the XRP token skyrocketed 83% to top out at an intraday high of $0.866, and briefly became the fourth-largest crypto asset by market capitalization. It is currently sitting at 5th place after a tussle with Binance Coin (BNB).

Ripple Labs’ split-decision victory against the United States securities regulator is being seen as a significant blow to the regulator’s “war on crypto,” however, crypto lawyers warn it isn't a definitive victory for the industry or the firm y

In a landmark ruling on July 13, Judge Torres determined that XRP (XRP) is not a security — at least when sold to the general public.

The decision was met with a joyous uproar from XRP token holders and came with a massive surge in the token's price, with industry heavyweights lauding the decision as likely to aid crypto exchanges Coinbase and Binance in their respective lawsuits.

Luke Martin, the founder of crypto investment firm Venture Coinist noted that the “core component” of the United States Securities and Exchange Commission's (SEC) claim in its suits against Binance and Coinbase is that they offered the sale of unregistered securities on their platforms.

After losing on this matter in the case of XRP, Martin believes this will serve as a substantial blow to the SEC and its chair, Gary Gensler.