A Number of Altcoins Strengthen Amid Flat Bitcoin Prices

Liputan6.com, Jakarta The crypto asset market got a positive boost last week due to Ripple’s victory in court against the Securities and Exchange Commission (SEC) or the United States (US) Securities and Exchange Commission. A federal judge for the Southern District of New York has dismissed the SEC’s lawsuit.

New York’s Southern District Federal Judge has dismissed the US SEC’s lawsuit against Ripple. Through the issuance of a “summary decision” made on Thursday, July 13, 2023 declared Ripple not a security as the SEC alleged.

Ajaib Kripto Financial Expert, Panji Yudha explained that this news had been eagerly awaited by XRP Coin holders since 2020 and made the market react positively. The XRP token price jumped more than 90 percent after the ruling. In addition, several altcoins have increased in the last seven days.

“Regarding Ripple’s partial victory over the SEC, it had a positive impact on the price of XRP and the green crypto asset market at the end of last week. However, investors are expected to continue to follow developments regarding the possibility that the SEC will take steps to appeal and profit-taking actions taken by investors,” Panji said in a press release, Tuesday (18/7/2023).

The positive sentiment from XRP pushed Bitcoin prices up to create the highest level this year to a price of USD 31,814 or the equivalent of IDR 476.9 million (assuming an exchange rate of IDR 14,992 per US dollar).

In addition, some altcoins that have shot up over the last 7 days. This morning XRP was up 54.65 percent, Synthetix (SNX) was up 31.32 percent, Stellar (XLM) shot 29.19 percent, Solana (SOL) was up 25.71 percent and Optimism (OP) was up 25.97 percent.

“The increase in altcoins is due to the potential for investors to start switching from Bitcoin which is sideways or profits from Bitcoin being allocated to altcoins. This is reflected in Bitcoin Dominance which started to fall to 49.75 percent when the majority of altcoins shot up,” explained Panji.

Driving Sentiment

In addition to XRP’s win, one positive sentiment for the crypto asset market is that the development of a Bitcoin ETF proposal submitted by management firm BlackRock has entered for review.

From the industry side, positive sentiment for the crypto asset market came from the Chainalysis report which revealed that crime in the crypto industry fell by 77 percent from the same period last year.

This week investors will be watching retail sales and industrial production data released on Tuesday while housing data will be released on Thursday. Continued next week the market awaits the decision of Federal Reserve officials regarding interest rates at the FOMC July 25-26.

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