Yesterday, XRP’s price surged after news broke that the SEC is finally ending its years-long legal battle with Ripple.
Meanwhile, amid all the excitement, the new Layer-2 project Solaxy is growing rapidly – its ICO fundraising has now passed the $27 million mark.
SEC Drops Appeal Against Ripple as XRP Price Rallies
The SEC officially dropped its appeal against Ripple, catching everyone off guard.
Its legal battle against Ripple has been going on since December 2020 – hampering XRP’s progress.
But Ripple’s CEO, Brad Garlinghouse, revealed on X (Twitter) yesterday that the worst is now over.
Naturally, investors went wild.
XRP shot up 12% to $2.59, marking its highest price since March 7.
Although the token has dipped slightly since then, now at $2.47, it’s still up 7% from yesterday.
Spot trading volumes have also surged 250% from the previous day.
And open interest, which measures how many futures (or options) contracts are active, also jumped 17% to $1.7 billion.
It seems that removing the cloud of regulatory uncertainty has boosted XRP, and traders feel that there’s real room for an extended rally.
Popular trader @PharaohX33 predicted XRP could hit $4 in Q2.
Crypto Market Rebounds After Positive Ripple News
It’s not just XRP holders feeling the buzz.
The entire crypto market seems to be on the up, with most major coins back in the green.
Bitcoin has climbed to $85,300, a 2% jump from yesterday.
BNB, Solana, and Dogecoin have also posted gains – although Ethereum has disappointed with a 1% dip.
The market’s bullish momentum has pushed its total value back to $2.79 trillion, with trading volumes up 45% in the past 24 hours.
Could this be the bottom traders were waiting for?
The recent sell-off has dampened sentiment, but the XRP news might be the positive catalyst that the market needs.
Analysts think so – Markus Thielen, CEO of 10x Research, believes Bitcoin could be heading back to $90,000.
He expects the Fed to be “mildly dovish,” which would be great news for riskier assets like crypto.
Although the Fed didn’t cut rates yesterday, the renewed optimism is clear – and it’s spilling over into other areas of the market.
Solaxy Also Gains Momentum in ICO as New Solana L2 Receives Analyst Endorsement
Ripple’s legal victory has also boosted interest in Solaxy.
Solaxy isn’t just another random crypto project – it’s aiming to be the first true Layer-2 solution for Solana.
Solana is known for being super-fast but sometimes gets congested, which is where Solaxy comes in.
The Layer-2 processes transactions off-chain and batches them for settlement on Solana’s mainnet.
As a result, traders get faster speeds, lower costs, and fewer failed transactions.
This setup has been well received by the crypto community, as evidenced by Solaxy’s ICO, which has already raised over $27.1 million.
Right now, SOLX tokens are priced at $0.001668.
Investors can join the ICO with crypto like ETH or USDT, a bank card, or the Best Wallet mobile app.
Solaxy’s team has outlined a clear roadmap and tokenomics structure on their website, with regular development updates to keep the community informed.
This mix of transparency, utility, and hype has led YouTuber ClayBro to predict the native SOLX token could “run fast” after listing.
It’s also easy to see why Solaxy could benefit from clearer regulations now that the SEC has dropped its Ripple appeal.
There’s less chance of regulatory uncertainty slowing down its momentum.
That makes Solaxy one of the most interesting ICO projects launching in the next few weeks.
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