Solana, Cardano, and Ethereum have recently experienced a surge in price following a positive court ruling on July 13th. Ethereum, in particular, reached a three-month high, surpassing the $2,000 mark. The court ruling stated that the sale of Ripple (XRP) tokens through exchanges and algorithms did not qualify as investment contracts.
This ruling has had a ripple effect on other layer-1 tokens like Solana and Cardano, which were previously classified as securities. Since the ruling was announced, these tokens have seen significant increases in value, with double-digit gains.
Investors and enthusiasts are hopeful that the Ripple judgment can serve as a precedent for reevaluating the security classification of Solana and Cardano. There is anticipation that this ruling will provide clarity and become a reference point for the regulatory framework in the crypto industry.
Solana has shown indications of a strong upward trend, reaching a daily trading close of $26.04 on July 13th, marking an impressive 18.6% increase in price. As of now, its value has surged by nearly 13%, with the token trading at over $29. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) confirm the presence of a strong bullish trend. However, the RSI suggests that Solana may be overbought and could undergo a correction before resuming a regular trend.
The trading volume of Solana has also seen a notable spike, reaching over 2.5 billion, the highest level in approximately six months. This surge in volume further contributes to the overall bullish sentiment surrounding Solana.
Similarly, Cardano experienced a significant uptrend in price on July 13th, with a gain of over 23.5%, reaching $0.357. Although there has been a slight decline of over 1% since then, Cardano is still trading within the price range of around $0.35.
The price spike propelled Cardano into a bullish trend, briefly entering the overbought zone according to its Relative Strength Index (RSI). However, the subsequent slight drop in price suggests a potential correction in progress. The trading volume of Cardano has also seen a significant spike, reaching approximately $1.4 billion, the highest level in over six months.
In contrast to Solana and Cardano, Ethereum displayed a more modest uptrend in price. On July 13th, it gained approximately 7.14% in price, surpassing the $2,000 range that it had been trading below for some time. As of now, Ethereum has experienced a partial retracement of its gains but is still trading around the $2,000 mark.
The Relative Strength Index (RSI) for Ethereum is above 63, indicating a significant bullish trend. However, there has been no notable spike in trading volume, with the volume hovering around 13 billion.
Overall, Solana, Cardano, and Ethereum have all seen price spikes, contributing to a significant liquidation of short positions. The positive court ruling on Ripple has generated optimism in the market and reassured investors and enthusiasts. These developments could have implications for the regulatory landscape of the crypto industry, providing clarity and potentially overturning the security classification of certain tokens.
The crypto community will continue to monitor these tokens and their performance as the market evolves. Investors will be closely watching for any further regulatory developments and their potential impact on the value of Solana, Cardano, and Ethereum.
Disclaimer: This article is not financial advice and should not be interpreted as such. Crypto investments carry risks, and readers should do their own research before making any investment decisions.
