Last night's market summary: XRP and Coinbase surged, the beginning of a crypto bull market?

Odaily资深作者

2023-07-14 08:56 (UTC+8)

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The Ripple ruling has brought great confidence to the cryptocurrency market and Coinbase's stock, causing multiple stocks/tokens to surge to new highs for the year.

AI Summary

The Ripple ruling has brought great confidence to the cryptocurrency market and Coinbase's stock, causing multiple stocks/tokens to surge to new highs for the year.

On July 13th, North American time, the cryptocurrency industry experienced an intense market fluctuation, as the court ruled that XRP is not a security in retail sales, causing many cryptocurrency prices, including Coinbase's stock price, to skyrocket.

XRP (Ripple)

Ripple has received a result in its three-year court battle with the SEC, representing a brief victory for Ripple and the cryptocurrency industry (see "XRP Ruling: What Important Information Does the Judgment Reveal?"). This news is a huge boost for Ripple and the XRP token, causing a surge in the cryptocurrency market.

According to the latest court ruling, XRP is not classified as a security within the scope of programmatic sales (sales to retail investors through exchanges rather than institutional clients), therefore it does not need to be registered with the SEC or go through similar regulatory processes as securities. Although investments in XRP by institutional clients are still considered securities investments, investors are pleased with this ruling as it affirms the legitimacy of XRP.

As a result, the price of XRP skyrocketed after the announcement of the ruling, surging from around $0.47 to $0.87, with a 24-hour increase of over 80%. Coinbase subsequently announced that it will re-list XRP trading pairs and trading will begin today in North American time. Currently, the price of XRP is fluctuating around $0.8.

XRP soared in the past day (Coinmarketcap)

Coinbase

Coinbase's stock price has also experienced a sharp rise. On the one hand, the market's enthusiasm for Coinbase as an SSA partner for the recent institutional submission of ETFs has not cooled down; on the other hand, the court ruling that XRP is not a security has brought significant benefits to Coinbase. According to the case law adopted in the United States, this result may lead to hundreds of tokens traded on Coinbase also being deemed non-securities, which would no longer require registration with the SEC or undergo similar securities regulations. Since the securities issue is the core issue in Coinbase's recent court battle with the SEC, this court ruling on XRP may become the key to Coinbase winning the lawsuit.

This positive development is directly reflected in Coinbase's stock price. On July 13th, local time, Coinbase surged from around $84 to $85 around 11 o'clock and climbed all the way to a closing price of $107, a terrifying increase of 24.49% today. In comparison, yesterday's closing price was $85.95. This also signifies that Coinbase's price has reached its highest point in a year and is still breaking this record.

At the time of writing this article, Coinbase's stock price has reached a high of $109 in the after-hours market, with an increase of 28.2%.

Coinbase today's price trend (Google)

Other mainstream cryptocurrencies

The recent court ruling on XRP has also brought significant gains to the entire cryptocurrency market. Previously, the SEC categorized different cryptocurrencies as securities in its lawsuit, stating that these tokens need to be registered and regulated. After today's ruling, these cryptocurrencies are also experiencing the largest gains, as the SEC's lawsuit may fail. (Note: The tokens included by the SEC in its lawsuit against Binance and Coinbase were: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, ATOM, SAND, MANA, ALGO, BNB, BUSD, and COTI, excluding XRP). Although XRP is not included in the list, other related tokens have experienced significant gains based on the same legal logic.

According to Coinmarketcap data, as of the time of writing, ADA has a 24-hour gain of 17.7%, SOL has a gain of 16.47%, MATIC has a gain of 15.75%, and FIL has a gain of 8.71%. Among the top 50 tokens listed on Coinmarketcap, only one has experienced a decrease. Other mainstream currencies have also seen significant gains: Bitcoin has reached 31,000 points and has reached its highest price in nearly a year, currently trading at $31,294; ETH briefly reached 2,000 points and is currently fluctuating around 1,980 points.