Ripple Secures Major Victory, Bitcoin Soars to $28K: This Week’s Crypto Recap

To say that the past seven days were eventful would be an understatement. The cryptocurrency market saw a lot of important developments, and its total capitalization now hovers around $1.14 billion.

That said, Bitcoin’s price went through a rollercoaster. This time last week, the primary cryptocurrency was trading at around $27,000 (or slightly below it, if we have to be precise). It conquered $27K during the weekend, but it was on Monday when the action started picking up. BTC soared to around $28.5K.

Unfortunately, the bulls were unable to maintain the pressure, and the bears took control, pushing the price back toward $27K in the following days. It has been a back-and-forth since, but just a few hours ago, the price shot up to $28K again, and it’s now trying to break above this pivotal level on its way to $30K.

The story of the week, however, was elsewhere.

The case between Ripple and the United States Securities and Exchange Commission is ongoing. The presiding judge – Analisa Torres – decided earlier this week to toss the request for an interlocutory appeal by the SEC against a ruling she had made earlier in July.

The ruling in question is the one that determined that secondary sales of XRP do not constitute an investment contract. This, in essence, means that the court doesn’t treat secondary XRP sales as securities – a decision that was widely perceived as victorious for the cryptocurrency, which soared as a result.

Now, XRP’s price once again shot up, increasing by around 10% on the day the decision was made but retracing subsequently.

This is easily one of the most interesting lawsuits, and it’s also amongst the most important ones for the industry as a whole.

It’s curious to see what the market has in store for us throughout the next week and whether BTC will manage to establish itself firmly above $28K or if that level will prove too hard to tackle.

Market Data

Market Cap: $1.14B | 24H Vol: $37B | BTC Dominance: 47.9%

BTC: $27,990(+4.1%) | ETH: $1,643 (-1.6%) | BNB: $212 (-1.5%)

This Week’s Crypto News You Can’t Miss

The Three Critical Things to Watch in Bitcoin’s Price in Q4 2023. As we enter the last quarter of the year, it’s worth looking at some of the most important things that might influence Bitcoin’s price. These include, but are not limited to, regulatory changes, macroeconomic factors, as well as market sentiment.

BTC Exchange Reserve Plunges to 5-Year Levels as Investor Cohorts Position for Bull Market: Bitfinex. Many traders seem to be positioning themselves for a bull run. Research shows that the BTC exchange reserves have plunged to lows not seen in five years, as short and long-term holders are currently in a HODL phase.

The Ripple v. SEC Case So Far: What You Need to Know. The case between the US Securities and Exchange Commission and Ripple saw a massive update this week, as the request for an interlocutory appeal was denied by the judge. Find out everything there is to know about the lawsuit so far.

Bitcoin Will Surge to $750,000 By 2026, Predicts Arthur Hayes. Arthur Hayes – the former CEO of BitMEX and one of the exchange’s founders – is back at it with another massive Bitcoin price prediction. He believes the cryptocurrency will hit at least $750K in 3 years.

Alameda’s Secret Backdoor Was Discovered Months Before FTX’s Collapse: Report. It turns out that the secret backdoor for Alameda in the FTX platform was actually discovered months before the collapse. This became clear recently as the trial against SBF is ongoing.

Friend.Tech Targeted Again: Hacker Steals 234 ETH in Under 24 Hours. The popular decentralized social media platform Friend.Tech was targeted by hackers once again. This time, the perpetrator was able to steal 234 ETH in a day.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Solana – click here for the complete price analysis.