Can These XRP Rivals Overshoot and 10X As Ripple Lawsuit Nears Conclusion?

Monicah W

Can These XRP Rivals Overshoot and 10X As Ripple Lawsuit Nears Conclusion?

The XRP market faces significant changes as both Ripple and the U.S. Securities and Exchange Commission (SEC) approach the end of their legal dispute. The case has gained prominence among the crypto community during the entire time of SEC Chair Gary Gensler’s enforcement period. The XRP price is trending upward, currently hovering above $2.45, with a 5% surge over the past week. Let’s Uncover these top 4 XRP rivals, including ADA, DOGE, and SOL, that could see a 10x surge 

XRP Rivals: Cardano (ADA)

Cardano (ADA) price maintains bullish strength because its market price reached $0.7665 after demonstrating a 3% positive change over the last day. The price of ADA has increased 10% throughout the past seven days. 

The cryptocurrency holds itself at the $0.76 support point and aims toward the essential $1 price level. The Ripple lawsuit approaches its end while its XRP competitor ADA maintains its upward movement. The ADA market attracts trader attention since its value continues to evolve during this market transition period. 

Dogecoin (DOGE)

Dogecoin (DOGE) price surpassed $0.20 marking its last 24 hours with a 10% market increase. The market price of DOGE is $0.2017, and it is currently positioned among the top performers alongside the price of XRP. The Dogecoin Foundation revealed important news as the market experienced a price increase.

The foundation has launched the House of Doge, a new division dedicated to boosting DOGE’s ecosystem. As part of the move, the Official Dogecoin Reserve was introduced, securing 10 million DOGE at market rates. 

The foundation aims to position DOGE as a fast, decentralized global payment network. The price rally followed a breakout from a three-month descending trendline, with analysts citing an ascending triangle pattern.

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Solana (SOL)

Solana price has seen a notable surge in price, with the current market recovery. At the time of writing, the SOL price hovered at $140, with a strong surge of 15% in the past week, making it among the XRP rivals. The SOL price prediction could hit above the $160 level if the bullish trend continues.

Solana derivatives volume experienced a 1.88% increase until it reached $9.41 billion as recorded by Coinglass. Open interest reached $5.07 billion after an increase of 1.54%. The rising figures demonstrate an increasing level of marketplace activity in the Solana derivatives sector. The two indicators demonstrate an increase in immediate trading conduct.

Can These XRP Rivals Overshoot and 10X As Ripple Lawsuit Nears Conclusion?
Source: Coinglass

Final Thoughts

To sum up, The approaching resolution of Ripple’s legal battle will create a profound effect on XRP alongside its competitors in the market. XRP Rival ADA DOGE and SOL could experience additional value growth when positive resolutions strengthen market conditions.

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SOL Strategies Files $1 Billion Shelf Prospectus For Future Solana Investments

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Coinbase Secures Legal Win as Alabama Drops Lawsuit Over Staking

Coinbase Secures Legal Win as Alabama Drops Lawsuit Over Staking

In a positive development for Coinbase, Alabama has officially dropped its enforcement action against the cryptocurrency exchange. This decision marks a shift in the legal challenges facing the company regarding its staking program.

Currently, only five states continue to pursue legal cases against Coinbase’s staking services.

Alabama Drops Coinbase Lawsuit Over Staking

Alabama’s Securities Commission had accused Coinbase of offering unregistered securities through its staking rewards program. The staking service allows users to lock up their digital assets to help verify transactions on a blockchain network. In return, Coinbase provides rewards to the users, and the company earns a commission for facilitating the process.

State regulators, including those from Alabama, argued that the program was an investment contract that would require registration under securities laws.

While the Alabama case may have been dropped, the crypto exchange still faces legal challenges elsewhere, including in Oregon. A development came from pro-XRP lawyer John Deaton, who sharply criticized Oregon’s Attorney General Dan Rayfield’s stance in the state’s case against the crypto exchange. Deaton questioned the rationale behind the legal action, calling Rayfield’s arguments illogical and potentially harmful to the broader cryptocurrency ecosystem.

Other States Involved in Legal Actions

Several states, including California, Illinois, and Washington, filed the Coinbase lawsuit after a multi-state investigation spearheaded by the U.S. Securities Exchange Commission.

The ten states, including Alabama, brought legal suits against Coinbase for allegedly violating laws governing securities in the states through its staking program. While some have issued cease and desist letters to the crypto exchange, others have threatened to fine the company or have flat out banned the provision of staking services.

However, several states have backed down since then, including the US SEC in February this year. Kentucky, Vermont and South Carolina even dismissed their own cases against the exchange and now this is also the case with Alabama. The exchange’s legal department has continually defended the staking activity, saying it is legal and has acted against such trends.

California, Maryland, New Jersey, Washington, and Wisconsin are the only states still actively pursuing legal action against the company. As Coibase’s Chief Legal Officer says, the legal situation is shifting and he would like to see more states withdraw their actions like Alabama.

Shifting Focus to Federal Regulation

Paul Grewal argued that the current patchwork of state-level regulations on staking services is confusing consumers and businesses in the crypto space. He pointed out that four of the remaining states have imposed complete bans on Coinbase’s staking service. These actions, in his opinion, misallocate taxpayer resources.

“It’s time for these outliers to follow suit,” said Grewal. He stressed the need for a clear, federal regulatory framework for digital assets. With the recent drop of the SEC’s own federal case against the crypto exchange over staking, the focus is now on whether Congress will intervene and create a more unified approach to regulating cryptocurrencies.

Coinbase has long advocated for clearer and more consistent regulations for the crypto industry, which would help provide more certainty to both consumers and businesses. The ongoing legal battles in various states only highlight the challenges posed by the lack of a comprehensive federal framework, which the crypto community await to change under the new US SEC Chair Paul Atkins.

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Cathie Wood’s Ark Invest Gains First Exposure to Solana With 3iQ ETF Bet

Cathie Wood's Ark Invest Gains First Exposure to Solana With 3iQ ETF Bet

Ark Invest, the asset management firm owned by Cathie Wood, has gained its first exposure to Solana as the broader financial market expands its adoption of cryptocurrencies. The firm has added exposure to two tech investment vehicles via the 3iQ Solana Staking ETF (SOLQ). Market analysts believe this move validates SOL, a front-runner for spot altcoin ETF in the US.

The Ark Invest Solana Exposure

According to the Citywire report, the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) have SOLQ in their respective portfolios. These Cathie Wood’s funds bought 237,500 shares of SOLQ apiece, validating the Solana fundamentals.

Canadian regulators approved the 3iQ SOL ETF for trading earlier this month, alongside other crypto funds from Purpose, Evolve, and CI. These ETF products went live on schedule on April 16, placing them in line for mainstream exposure.

As Ark Invest revealed in its press release, the Solana architecture and its design for speed and efficiency make it ideal for the next generation of the internet. With the bet, the Cathie Wood firm has made history as the first U.S.-based ETF to gain exposure to Solana.

Beyond Ark Invest and Solana: Portfolio Diversification Goes Mainstream

Asset management firms are shifting toward crypto products, a move beyond ARK and SOL. As CoinGape reported earlier, Charles Schwab has revealed plans to launch crypto trading later this year. The firm, with $10 trillion in assets under management, may add more credence to the nascent asset class if it pulls through with its plans.

Under President Donald Trump, the improving crypto regulation landscape has given asset managers like Ark Invest the long-sought leverage to bet on the market. The precedent was set earlier with spot Bitcoin and Ethereum ETF approval in 2024.

With key agencies like the Securities and Exchange Commission (SEC), Commodity Futures and Trading Commission (CFTC), and Federal Deposit Insurance Commission (FDIC) now aligned to crypto, more firms may soon join the diversification move.

Crypto ETFs and Role In TradFi Embrace

Despite the generally positive regulatory environment, many traditional financial firms are still skeptical of direct exposure to crypto. While many, like Ark Invest, do not mind the volatility, custody remains a major challenge.

More relatable products like Spot XRP ETF have been lodged with the SEC to mitigate this. With asset managers going all out in their bid, Solana, Hedera, Litecoin, and Dogecoin, among other assets, are also awaiting potential approvals from the SEC.

While the market regulator was skeptical of these kinds of products in the past, it now takes a different stance. Market experts expect approval before the end of this year.

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