Major altcoins saw another strong correction as the global crypto market cap shrank by 0.5% over the past day. Solana plunged 4% over the past 24 hours, while Cardano fell close to 2% over the same period.
The crypto market is facing a choppy week ahead as the threat of an SEC appeal against the recent Ripple ruling becomes more likely.
Despite the bearish conditions, several tokens remain bullish due to their high utility. Launchpad XYZ is one such project that has recently surpassed the $1 million mark in its ongoing presale.
Solana and Cardano Plummet As Ripple’s Post-Win Enthusiasm Dampens
Ripple’s landmark win against the SEC provided a strong bullish boost to the entire crypto market.
In a watershed ruling, district judge Analisa Torres stated that Ripple’s programmatic sales of XRP tokens did not meet the criteria set by the Howey test and thus did not make the token a security.
The decision resulted in a close to 100% surge for XRP, with the token trading as high as $0.95 at one point – it has since corrected to $0.738.
The ruling also resulted in double-digit pumps in other major altcoins that have been labelled as securities in the SEC’s lawsuit against Binance and Coinbase.
Solana in particular reached its highest price mark since the disastrous FTX bankruptcy in November of last year. The token is currently trading at $26.9 and is up 30% over the past week, bringing its total gains to 70% over the last month.
Similarly, Cardano is also up 10% in the weekly time frame as the ADA token is trading at $0.31.
Cardano and Solana’s surge can be attributed to the widespread belief that Ripple’s victory will make it easier for other tokens to prove their non-security status. Expert crypto analyst Lark Davis believes that if XRP is not a security, then most other major altcoins aren’t as well.
However, several legal experts now believe that this celebration may have been premature. Both ConsenSys lawyer Bill Hughes and litigator Bryan Jacotout are of the opinion that the SEC will likely appeal the district court’s ruling.
Other experts are also noting that the recent ruling did find that Ripple violated the Securities Act when they sold the tokens to institutional investors.
Even in the case of programmatic sales, Ripple won because Judge Torres factored in the lack of mainstream knowledge of the crypto market in the early days of XRP. Several other newer tokens may not receive such a benefit of the doubt.
Which Tokens Can Outperform The Crypto Market?
The crypto market remains in the doldrums, and an SEC appeal can result in strong downward pressure.
Investors are now looking for presale tokens that can display bullish price surges despite the bearish sentiment. Launchpad XYZ is emerging as a top contender it has raised over $1.1m and continues to rise.
New Web3 Portal Launchpad XYZ Turns Heads as Token Nears $1.5 Million
The crypto market is extremely volatile and can be overwhelming for newbies and natives alike. However, the Launchpad XYZ ecosystem is offering a suite of powerful trading products that can help users combat the complexities of the market.
Investors have been quick to recognize the project’s high real-world utility as it has already raised $1.1 million in the presale and is well on its way to hitting the $1.5 million mark.
Launchpad XYZ is carefully designed to help users succeed in crypto trading while also offering them maximum learning opportunities. For example, the Terminal Edge platform will help them gain valuable market insights with the help of sentiment analysis and the latest crypto news. Beginners can also get to know the trading setup of other expert traders.
Similarly, the Launchpad Quotient will make sure users do not miss out on the next big investment opportunity by ranking crypto assets across 400 data points.
The all-in-one Web3 portal also offers other tools such as its own Web3 wallet, premium NFT marketplace, a decentralized exchange, a sophisticated Terminal trading engine, etc.
The $LPX token is currently priced at $0.0445 but will surge significantly to $0.0565 at listing. Investors can purchase the token through bank cards or by swapping ETH or USDT tokens.
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