An Australian Federal Court handed the Australian cryptocurrency industry a major victory in a landmark judgement on Thursday.
Finder.com sued by Australian regulator over its crypto yield product
ASIC claims a crypto yield-bearing product from Finder’s registered exchange was unlicensed; the firm disagrees but has declined to say if it will fight the suit.
XRP Wins Again: Bullish Rally Sees It Climb to Sixth Spot by Market Cap
On CoinMarketCap, XRP has risen to sixth place as of today, July 20, with a market value of $17.63 billion. Being able to exceed not just Binance USD but also Cardano and Solana is a noteworthy accomplishment for Ripple’s native currency.
Ripple’s native token, XRP, provides a means of payment settlement between banks and digital assets exchanges. It decreases the number of extra steps needed when transferring money internationally, which leads to lower fees.
Related Reading | Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds
However, by breaking through significant resistance, XRP overtakes Binance USD’s market cap and gains the upper hand by 8%. The primary factor contributing to XRP’s placement in sixth place is the coin’s weekly price increase of more than 21%.
There is much more to be done for the battle between Binance USD and Ripple. However, both are still trying very hard to make headway which, under the right conditions, could lead to them taking fifth or fourth place- or even third and second place- in addition to keeping their original standings of sixth and seventh.
Following news updates on the SEC v. Ripple lawsuit, the more optimistic investor attitude led to an increase in the coin’s price. Fans and developers of Ripple are now closely following the U.S. SEC’s continuing lawsuit against the business, which appears to be interesting, according to the most recent news.
XRP is currently trading at $0.36 on the daily chart | Source: XRPUSDT from Tradingview.com
Analysis Of Ripple (XRP) Struggles to Regain its Value
In terms of the lifespan of cryptocurrency, Ripple is one of the longest. When it was first introduced in 2012, it frequently traded for less than $0.10. However, when the crypto market experienced a boom in late 2017 and early 2018. XRP was one of them which gained much from this boom and recorded its all-time high on January 4, 2018, at $3.84.
The coin soon started to decline, and by the end of 2018, it was only worth $0.50. By then, XRP’s value continued to decline. The coin was in the early stages of a bull run that ended on April 14, 2021, when it touched an average high of $1.96.
Since the beginning of September 2021, the sixth-largest coin has struggled, dropping more than half of its value, while dozens of other cryptocurrencies have collapsed in this period.
The situation worsened in January 2022 when a sluggish cryptocurrency market caused XRP to end the month at $0.6191. Following that, it fell even further, reaching $0.345 on May 12 due to the market turbulence caused by the de-pegging of the TerraUSD stablecoin and the demise of LUNA.
Related Reading | Why Bitcoin Must Beat $25,500 To Establish A Bull Rally
It was valued at about $0.40 on June 10. Following that, the cancellation of withdrawals by the cryptocurrency lending firm Celsius confirmed that the cryptocurrency market is in a bear market, and on June 18, it dropped to $0.2906.
However, it has already bounced back from its June low and is presently trading at $0.366650, up 12.6% in 14 days. In addition, the Finder’s panel forecasts that the price of Ripple (XRP) will increase by almost 260 % in 2022 and reach $2.55 this year at the end of December.
Featured image from Flickr, chart from Tradingview.com
Solana And Avalanche Poised For Gains As Crypto Market Enjoys New Tailwinds
Over the past several days, the market has been favorable for cryptocurrencies, which has given them a significant boost. Two of the currencies that have seen a considerable increase over the past seven days are Solana (SOL) and Avalanche (AVAX). Investors are also optimistic as a result of the cryptocurrency market’s recent growth trends.
According to CoinGecko data, SOL is currently trading at $45.04 and has experienced a significant 7-day rise of 37.2 %. While it is still down 82% from its peak of $259.96 on November 6, 2021, approximately nine months ago.
Related Reading | An Interview with Ben Caselin on AAX- Lightning Network Integration and TARO Protocol Implementation
With a spectacular rise of 49.4% over the past seven days, AVAX excelled. As a result, its current price, $25.29, has increased by 5.8% during the last 24 hours. It is also 82% below its ATM of $144.96 on November 21, 2021, which was eight months ago.
The Crypto Market Shows Signs Of Recovery
“Crypto winter” is without a doubt the phrase that every crypto trader is uttering right now. After reaching a high of $3 trillion in 2021, the market capitalization of cryptocurrencies had a sharp decline, down to $1 trillion, a loss of around $2 trillion.
In the history of cryptocurrency, there have been a number of well-known bear markets. Still, the one in 2022 is particularly noteworthy due to the extreme testing of decentralized financial systems and the excessive use of trading leverage. However, the intense storm is now gradually winding down.
SOL is currently trading at $45 on the daily chart | Source: SOLUSDT From Tradingview
Along with other encouraging economic data, the recent increase in cryptocurrency prices in mid-July suggests that the bear market is slowly reversing and that the cryptocurrency industry is on the way to recovery.
Solana And Avalanche On Recovery
Most coins strive to become better ones of themselves in order to find fortune and increase in value. As these cryptocurrencies grow, investors will view them as more reliable, which will boost their attractiveness.
That is why Avalanche’s (AVAX) recent price rise may be gearing up to reclaim its worth. The crypto community believes the Avalanche currency may make a comeback this month as it has just achieved a solid recovery from its June low of $13.
AVAX is a blockchain system that is rising in recognition as an Ethereum rival. The coin has also shown that it has the capacity to succeed as well as the resources needed to recover even under pressure.
Related Reading | Ethereum Merge: How ETHBTC Could Hint At A Return Of Risk Appetite
On the other hand, the well-known blockchain network Solana (SOL) has made a strong comeback from its $25 low in June. Additionally, it still needs assistance to recover its value and reach a high of $95 in May.
Furthermore, according to a group of fintech experts from Finder.com, Solana (SOL) will see a value increase to $45 by the end of 2022. The panel forecasts that SOL will be valued at around $166 in 2025 and $512 in 2030.
Featured image from Flickr, chart from Tradingview.com
