Ripple Win Sparks Altcoin Explosion, Bears Lose $273M

• Ripple’s legal victory against the SEC triggers an altcoin explosion – causing $273M in losses for bears and short speculators.
• XRP rallies by 80%, but it remains down 76% from its 2018 peak. SEC-targeted cryptos like Ethereum and Bitcoin show gains.
• Crypto market experiences a surge in liquidations, with nearly $273 million being liquidated in the past 24 hours – mostly due to short positions.

Ripple’s Legal Victory Against the SEC

Ripple recently won a major legal battle against the US Securities and Exchange Commission (SEC). The US District Judge Analisa Torres ruled that Ripple did not violate federal securities laws when selling XRP on crypto exchanges – dealing a blow to Gary Gensler and the SEC. This declaration legally declared XRP not a security for secondary transactions, triggering an altcoin explosion and resulting in $273M in losses for bears and short speculators.

XRP Price Surge

Ripple’s victory had an immediate impact on XRP prices, propelling them by more than 80%. However, this rally has caused unintended consequences as bears and short speculators incurred substantial losses totaling up to $273 million. Despite such drastic gains, XRP still remains down 76% from its 2018 peak.

SEC Targeted Coins Performance

Cryptocurrencies targeted by the SEC as alleged securities demonstrated strong performance during Asian trading session on Friday. Ethereum (ETH) experienced an 8% surge, surpassing significant psychological threshold of $2,000 – which hasn’t been seen three months prior. Bitcoin (BTC) had more modest gain of 3.5%, reclaiming resistance zone just above $31,000.

Liquidations Surge

The crypto market has experienced a surge in liquidations following Ripple’s legal win, with nearly $273 million being liquidated in the past 24 hours – mainly due to short positions affecting over 80,000 traders across Bitcoin (BTC), Ripple (XRP), and Solana (SOL).

Conclusion

Overall, Ripple’s win against the SEC sparked an altcoin explosion across crypto markets worldwide – leading to substantial losses for bearish investors while boosting up targeted coins such as Ethereum (ETH) & Bitcoin (BTC). As a result of such legal victories and positive price action – it is likely that investor confidence will continue to rise within crypto markets going forward into 2021 & beyond!