The XRP price has pumped over 30% today in a shocking turn of events. For the first time, a cryptocurrency has been ruled not a security in the unprecedented SEC vs Ripple Labs case.
This puts the XRP price at $0.6001, with a market cap of 31,290,564,638 and a 24-hour trading volume of $2,182,325,433.
The ruling was recently published by the United States District Court, in which District Judge Analise Torres found that XRP is not a security but that institutional sales of XRP by Ripple were securities. The ruling states:
“XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract.”
Judge Torres’s findings mean that private and over-the-counter (OTC) sales of crypto assets by token issuers could come under regulatory scrutiny, opening the door to the regulation of crypto assets by the SEC.
Consequently, much of the institutional transacting that was previously done privately and OTC could move to order book centralised exchanges since the XRP token itself was found not a security.
While Ripple Labs’ has made significant progress in attaining partnerships with enterprises and governments worldwide, many have remained hesitant to fully adopt the company’s technology due to regulatory uncertainty.
However, the recent findings finally provide regulatory certainty, laying the foundations for XRP to become a global bridge currency and settlement layer for international transacting.
Due to this, the XRP price has soared since the findings were released.
As seen on the XRP price chart below, the price has reached its highest point since May 2022, breaking a long-term resistance.
The next major level of resistance is $0.88. With the recent news considered, a move towards there may be imminent.
Bullish sentiment has spiked across social media, with many claiming this could be a catalyst to kickstart the next bull market.
Crypto trader @cryptomckenna recently tweeted the recent XRP findings will “trigger euphoric capital flows” into crypto. The tweet also predicted that the next altcoin season is now inevitable.
Meanwhile, YouTuber and crypto analyst @elliotrades said the announcement is bullish for “all altcoins that followed best principals”, and if the Bitcoin spot ETF is approved, then crypto will have its biggest bull run in history.
These Tokens are Also Rising
XRP has pumped over 30% today, and there is potential for it to climb much higher in the days and weeks ahead.
It’s not the only coin showing bullish momentum, though, with Thug Life and Chimpzee two new tokens that are also rising.
Thug Life Raises Over $1.3m with Just Days Left of Presale – Next Meme Coin to Explode?
Thug Life is a new presale meme coin which could have massive upside potential. It is based on the meme of various popular characters such as Snoop Dogg, Hasbulla and the Dogecoin dog. However, what makes it stand outis its ability to garner a community in a short space of time.
Despite launching just over two weeks ago, the project has established a 4K Twitter following, 2.4K Telegram members and has already raised over $1.3 million.
The presale has a hard cap of just $2,058,000, so investors must act fast to get $THUG at a fixed price.
70% of the $THUG tokens are available at its presale, putting its market cap at launch at $2,940,000. This provides Thug Life with substantial upside potential. For example, Pepe has a market cap of over $600 million, 300X bigger than that of Thug Life.
While it reaching the heights of Pepe would be difficult, it has already proven it can generate hype, so pushing far beyond a $2 million market cap is likely. Recently, popular YouTuber Jacob Bury recently covered the coin, calling it a 10X potential “low cap gem”.
There are now just 4 days left of the Thug Life presale, meaning investors have limited time to buy the token at the current price before it lists on exchanges later this month.
ChimpZee Also Attracting Attention with Climate Change Message
ChimpZee is another presale meme coin showing massive potential. As well as already raising over $800K, the project has made significant progress in partnerships and taking real-world action.
While it is a meme coin, ChimpZee is also focused on fighting climate change, protecting animals, and enabling holders to earn throughout the process.
So far, the progress already boasts planting 20,000 trees in Guatemala and attaining partnerships with charities like The Giving Block, One Tree Planted and Wild.
The project also features a complete ecosystem, including a Play-to-Earn game, NFTs, a merchandise store and staking. Therefore, as well as benefitting from the virality of being a meme coin, ChimpZee also leverages utility-driven demand.
As a result, the project has fared as a favourite among expert analysts. ChimpZee was recently covered by the Only Investors YouTube channel with over 200K subscribers, highlighting the project’s vast ecosystem as to why it has 10X potential.
Currently, investors can purchase $CHIMPZ for $0.0007. However, this is set to rise to $0.000775 once the total raise hits $1,144,500 and will incrementally rise until its initial exchange offering (IEO).
Following the presale, the IEO will start at $0.00185, a 164% increase from its current price. Moreover, investors who buy today will receive a 125% bonus on their purchase. Learn more on the ChimpZee website.