The crypto market has been reluctant to make sharp moves but shows clear signs of positive sentiment.
TL;DR
- XRP was up 20% while Ripple was excluded as a security amid a case settlement against the SEC.
- The market is trading sideways while Ethereum and memecoins register moderate downticks.
- Toncoin (TON) is among the great performers with its 10% price increase.
Ripple-SEC Case Settlement
Ripple’s XRP surged 20% following a milestone settlement in the case involving Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The settlement excluded XRP’s security status and obligated Ripple to pay $125 million in civil penalties – significantly lower than the offered $2 billion. The markets reacted positively to the ruling. XRP’s price has skyrocketed over 20%, standing at $0.6 at the writing time.
Read Also: Breaking: Judge Torres Fines Ripple $125 Million, Forbids Future Securities Law Violations
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Source: XRP/USDT 1D chart. Source: WhiteBIT TradingView
According to data from CoinMarketCap, Ripple volume has shown over 18% increase in the last 24 hours, counting up to $34.15 billion. XRP’s daily volume marked an even greater uptick, surging roughly 239% to $5.25 billion. While the SEC may potentially extend the legal proceedings, the settlement is widely considered to be a terminal conclusion in favor of Ripple Labs.
Ethereum Slumps While Toncoin Surges
Amidst the Ripple-SEC settlement, the market has been trading sideways. Bitcoin (BTC) and Solana (SOL) have not shown any significant updates in the price dynamics and trading volume for the last 24 hours.
The lack of movement might signal the expectation of Kamala Harris in the White House. The candidate recently tied Donald Trump both in polls and on Polymarket amid choosing Tim Walz as her running mate. The latter is a renowned cryptocurrency supporter. Meanwhile, Ethereum (ETH) has dropped 3.7%, continuing its 33% downward trend.
Read Also: On-Chain Data Indicates Potential Bitcoin Rally as Whales Accumulate BTC
ETH/USDT 1D chart. Source: WhiteBIT TradingView
Ether ETFs saw outflows of $23.7 million. Grayscale’s ETHE hit $31.9 million in outflow, while Fidelity’s FETH had $4.7 million in inflow, ETH saw $1.7 million in inflow, and EZET had $1.8 million of the same.
By contrast, Toncoin (TON) has turned out to be one of the dominant gainers today. The token has shown a 9.06% surge as the TON-themed “The Open Summit”, part of ABS 2024 in Taipei, draws to a close on Thursday.
TON/USDT 4h chart. Source: WhiteBIT TradingView
At the same time, leading memecoins have been trading red. Pepe (PEPE) secured a 5.10% price decrease and Shiba Inu (SHIB) slumped 3.40% as of writing time. Solana-based memecoins dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) registered 4.61%, 5.77%, and 2.72% down surges respectively. Dogecoin (DOGE) and BOOK OF MEME (BOME) are the only memecoins without notable changes in the last 24 hours. On the contrary, Base’s Brett (BRETT) has indicated a significant 10% downtick within a day.
Read Also: Shiba Inu Community Warned of Scam Risks Amid TREAT Token Anticipation
Paul Osadchuk
I am a crypto-enthusiast with 5-year experience in copywriting. Worked for web3 companies and cryptocurrency exchange, which drove my keen interest towards the industry. Been writing for different publications on cryptocurrency, technology, economics and politics.