The ruling that went in favor of Ripple a week ago appears to have sparked a new wave of excitement in the alternative coin market as a whole.
This month, Bitcoin’s dominance on the 25 largest exchanges, as measured by its percentage of the total market capitalization, has decreased by 8%, as stated in a report that was recently published by Kaiko Research.
Because of this turn of events, there has been a modest rally in the price of alternative cryptocurrencies over the course of the past week. XRP has been at the forefront of this movement, along with other notable altcoins such as Polygon (MATIC), Solana (SOL), and Stellar Lumens (XLM).
The SEC Claims the “Wrongly Decided” Ripple XRP Case and Hints at an Appeal.
According to the crypto data provider, Bitcoin’s dominance in the market has reached a multi-month low, dropping to 27% across the major exchanges, which is a level not seen since April.
Investors in alternative cryptocurrencies were ecstatic about the recent “alt season,” which was led by XRP. However, a Kaiko analyst by the name of Dessislava Ianeva warned that it may be too soon to consider this rally to be sustainable.
According to Ianeva, despite the fact that trading volumes have been increasing over the past few weeks, they are still significantly lower than the average levels seen during 2020-2021.
She explained that there has been a reduction in the amount of buying pressure in American markets, but liquidity has not improved. It will take some time over the next few months for the full implications of the ruling regarding XRP to become clear.
Ianeva also highlighted that the United States government and Bitcoin miners have been selling significant amounts of Bitcoin, which may contribute to the uncertainty and fluctuations in the market.
The current market environment is highly volatile in both directions, and there is no clear catalyst driving this volatility.
A judge’s decision that was partially in favor of Ripple resulted in a partial ruling in Ripple’s favor, which led to a significant surge in the value of the XRP token, which increased by 45% in the past two weeks. The current price of the token on the market is $0.69.
According to Kaiko’s research, the verdict of the case indicates a significant amount of interest in XRP, particularly in countries outside of the United States. Despite the fact that the SEC could potentially file an appeal against the verdict, the SEC has not done so.
According to the report, the Korean market, which is well-known for its historical emphasis on alternative cryptocurrencies, in particular XRP, has witnessed increased activity from both retail investors and large-scale investors (whales), which has led to a “broad-based” increase in trading. Historically, the Korean market has placed a strong emphasis on XRP.
The analyst from Kaiko, Dessislava Ianeva, stated that the overall long-term outlook for Bitcoin (BTC) has improved due to inflows related to ETFs, contingent upon approval by the SEC, and the approaching halving event.
Dessislava Ianeva made this statement. In addition, a continuing drop in inflation may indicate that the Federal Reserve has reached the zenith of its tightening cycle.
