Cryptocurrencies are expected to end the week on a high note after a recent Ripple court decision sent shockwaves through the sector. Bitcoin, the leading cryptocurrency, is expected to end the week up 3%. This suggests it will actively trade above the $30,000 level. Despite lower-than-expected inflation estimates, Bitcoin struggled to break through a critical technical level. As a result, it saw a slight drop on Friday, trading 1% down.
Ripple XRP was one of the week’s best performers. Following a court judgment, this cryptocurrency increased by an astonishing 65%. In some situations, the court categorized XRP as a security, but not in others. This sent shockwaves through the market.
Other coins experienced an immediate price increase, with Solana’s token increasing by 30.5%. Notable coins that enjoyed growth include Cardano’s ADA, which increased by 21%, and Polygon’s MATIC, which is on track to finish 25% higher. Ethereum, commonly known as Ether, increased by 7%, which is fairly remarkable given the token’s reputation.
NEWS:📈🚀 Cryptocurrencies head for a winning week after sharp rally fueled by #Ripple court decision.
— Walletor (@walletorapp) July 14, 2023
If we check on social media, we will notice a lot of commentary about Bitcoin failing to break through the support level. This has prompted many people to lose interest in investing in the coin during this period of market instability, while others continue to believe in the cryptocurrency.
While the court ruling was seen favorably by Ripple and the larger crypto sector, it was not a decisive triumph. The decision was the latest in a three-year legal saga involving Ripple and the Securities and Exchange Commission (SEC). As the court is anticipated to establish a case date in the near future, several of the court’s conclusions might be challenged and reversed.
In short, cryptocurrencies are on track for a profitable week, with Bitcoin retaining its support level while others rise. The recent court judgment on the categorization of Ripple’s XRP adds an additional layer to the continuing legal dispute. Overall, investors are keeping a close eye on developments in the cryptocurrency sector.