Altcoins at a Glance – Important News on XRP, MATIC, SOL, ADA

Welcome back to Altcoins at a Glance!  This has been a good week for all altcoins.   The judge on the Ripple Labs vs.  SEC case just gave a verdict that pumped altcoin prices.  We’ll also be summarizing other news about your favorite tokens.  Let us get started.

XRP Verdict Pumps Altcoins

• Judge Analisa Torres gave a verdict on the Ripple Labs vs. SEC last Thursday.  The Judge ruled out that XRP when offered in exchanges is not security.
• However, XRP tokens offered directly to institutional buyers are securities.
• The case started in December 2020, when the US Securities and Exchange Commission accused Ripple Labs, the creator of XRP, of selling unregistered securities.
• The victory led to a rally in Bitcoin and altcoin prices.
• Coinbase also announced that it will be relisting XRP.
• XRP price reached more than 0.96 which is around a 100% increase from the previous day

Prices of Altcoins like MATIC, SOL, and ADA Rallied after the XRP Court Ruling

• Cardano (ADA), Solana (SOL), and Polygon (MATIC) are just some of the altcoins that pumped following Ripple Lab’s victory in the court case.
• Altcoin prices surge 20% or more.
• The SEC sued Coinbase and Binance for allegedly selling unregistered securities like ADA, SOL, and MATIC
• The court ruling says the XRP sold in exchanges are securities.  The companies behind these altcoins can use this ruling to fight SEC allegations.

Polygon 2.0 Proposal

• Developers of Polygon (MATIC), submitted a proposal to upgrade the layer 2 protocol.
• The upgrade will change the current MATIC token to POL.
• Polygon will become the value layer of the internet if the upgrade is pushed through.
• Polygon 2.0 would work with a variety of Polygon-based protocols and networks, including Ethereum, Bitcoin, Binance Smart Chain, and others – without the need for intermediaries or bridges
• Owners of the token are given the ability to become validators and earn incentives.
• Under the proposal all MATIC tokens need to be converted to POL.

Celsius Executive Charged with Fraud

• Alex Mahinsky and Roni Cohen-Pavon were arrested for securities fraud
• The former Celsius executives are accused of artificially inflating the value of the company’s token, CEL.
• The DOJ said that Mashinsky and Cohen-Pavon profited from their token sales, earning $42 million and $3.6 million, respectively.
• Celsius was one of the largest crypto lenders before its collapse in 2022.