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XRP surges following SEC charge dismissal; other altcoins follow suit

XRP has gained 7% since yesterday – the largest daily jump in 3 months – after the SEC dismissed charges against two key Ripple executives.

Yesterday, the US Securities and Exchange Commission (SEC) asked a US court to dismiss securities-violation charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen.

XRP, the native token of the Ripple network, has responded bullishly to the news with a 7% single-day upswing, CoinGecko data shows.

The crypto is currently trading at $0.512397 – the biggest daily gain in three months.

Read more: SEC ‘surrenders’ and asks court to dismiss charges against Ripple executives 

XRP 7-day gains: CoinGecko

Ripple’s Chief Legal Officer Stuart Alderoty called the SEC’s move not just a settlement, but a “surrender.”

Read more: SEC can’t appeal Ripple decision, says District Judge

Echoing the sentiment, Chris Larsen called the suit an “ill-advised attack that was flawed from the day it was filed.”

While charges against Garlinghouse and Larsen have been dismissed, the SEC will continue to pursue action against Ripple Labs. 

The wider altcoin market has turned bullish

SOL, the native token of Solana, has gained a healthy 10.9% in the past 24-hours, making it the largest top 10 daily gainer.

The token has had a particularly fruitful October, gaining 33% over the past 30 days.

Read more: SOL picks up bullish momentum with 26% gains: why?

Community sentiment within the Solana ecosystem has been strong over the past few months, following a lucrative network integration with e-commerce giant Shopify, in addition to a partnership with Visa for USDC merchant payments.

The ongoing case of Sam Bankman-Fried is likely to impact Solana in the coming months, since FTX is one of the largest SOL holders, with $1.16 billion worth of Solana in its wallets.

Toncoin is another swift altcoin gainer, jumping by 3.5% since yesterday and 9.2% since last week.

Tron is on a similar trajectory, gaining 2% since yesterday and nearly 7% since last week.

Even Ethereum, the second largest crypto by market cap, is showing signs of recovery after having a relatively bearish month – likely due to the lukewarm trading reception of Ethereum futures ETFs.

Ether has gained 2% in the past 24 hours and is currently trading hands at $1,582.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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