MANY ALCOINS ARE NOW RISING

The SEC has officially lost their biggest case yet for the Ripple dispute, making it one of the biggest victories for cryptocurrency that occurred last week. From this, we witnessed a tremendous spike that some are saying to be the beginning of the next altcoin rally and cryptocurrency bull run. The XRP Catalyst helped even more investors return to the market, causing Bitcoin to rise by nearly 3% over the last day and reach a new yearly all-time high of 31,800. A few short-term support levels to keep an eye out for are going to be the $31,000 level, the $30,700 level, and then $30,000 short-term resistance. This time, the RSI on The Daily is at a 63, which is getting close to those overbought zones.

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With the news, so many altcoins are now rising. We even received some meme coins that are currently surging upward by roughly 15. Remember that many of the cryptocurrencies that are presently surging were only recently designated securities, and the SEC is suing Coinbase and Binance over this. Relief and optimism that many of the cryptos identified by the SEC would likewise have a similar conclusion have been brought about by the news that the SEC has lost their case and that XRP is, in fact, not regarded to be a security. The two parties' protracted legal dispute, which has lasted for the past 2.5 years, will come to an end this year. It's important to understand that the ruling has a twist to it and that not everything is still in the clear since the federal judge also determined that XRP was a security at the time it was offered to institutional investors because it satisfied the requirements of the Howie test at that time.

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Overall, this is still fantastic news because the court in this case decided in Ripple's favor and came to the realization that XRP is in fact not a security. As a result of their victory, XRP has risen to the position of fourth-largest cryptocurrency in this news. Therefore, XRP's price increased by nearly 100% to 95 cents a token within four hours of the news, but it has since fallen and is presently up by around 60% from that price, holding at approximately 47 cents. The market capitalization of XRP once peaked at 49 billion dollars, but it has since fallen to the 40 billion dollar barrier. The second chance for XRP is now allowed. Victor offered cryptocurrency exchanges the assurance they needed to add XRP back on their platforms. Many of these cryptocurrency exchanges deleted XRP when the SEC initially planned to prosecute their firm, which was over two to three years ago. The more exchanges that have the ability to purchase XRP, the more likely it is that the price of the token will rise, which is why this is such a crucial point for investors.