In a groundbreaking development, a US federal court has ruled that XRP, the digital currency underpinning the Ripple network, does not qualify as a security in certain circumstances.
This judgement has sparked considerable gains across the cryptocurrency landscape, particularly among altcoins previously classified as securities by the US Securities and Exchange Commission (SEC).
The ripple effect of the XRP case has been pronounced, with the token itself experiencing a staggering 62% increase, trading above US$0.75 at the time of writing.
Other altcoins have similarly benefited from this bull run, marking double-digit percentage growth over the past 24 hours.
For instance,Solana (SOL) recorded a substantial 43.2% increase over the week and is currently trading at around US$28.
Further stirring the crypto waters, the Ethereum scaling network Polygon (MATIC) reported a favourable 18% gain, trading at US$0.85.
This surge marks a robust 28% weekly increase, coming hot on the heels of a recent executive team shake-up.
Meanwhile, Cardano (ADA) recorded a nearly 26% daily gain, trading above US$0.36, while Stellar Lumens (XLM) climbed a massive 50.90, reaching more than US$0.14.
Filecoin (FIL) and Cosmos Hub (ATOM), which were also dubbed securities by the SEC, have experienced a more gradual yet consistent ascent.
While Filecoin showed a modest 10% gain today, the overall monthly progress is more pronounced at 27%, bringing its current market value to US$4.69.
Cosmos Hub echoed this trend, with an 11.85% daily gain and nearly 16.7% increase over the past 30 days, trading above US$10.