XRP and Dogecoin are leading the crypto market rally, but how sustainable is it?

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Since the non-safety ruling in the Ripple case against the US SEC a few weeks ago, XRP has been gaining attention in the crypto market and now ranks fourth in the list of largest cryptocurrencies by market capitalization, overtaking Binances BNB in ​​the process.

With a notable increase in popularity and acceptance cementing its appeal in the crypto community, it remains to be seen if this will be enough to sustain the position and momentum that XRP has gained in recent weeks.

SEC to appeal court ruling XRP

A recent report by Bloomberg revealed that the United States Securities and Exchange Commission is set to appeal the decision issued by Judge Analisa Torres in favor of Ripples XRP. The SEC believes the judge erred in ruling against them and intends to challenge the decision.

For the uninitiated, the crux of the whole question is whether Ripple Labs should have registered its XRP token as security with the SEC. The lawsuit has been going on for years as the SEC says that if Ripple Labs is allowed to continue operating without registering the XRP token as security, it could potentially harm investors.

However, a few weeks ago the court determined that Ripple’s XRP token sales to institutional investors violated SEC rules, but the judge ruled that Ripple’s offerings to retail investors on exchanges did not violate those same regulations.

This divarication of institutional and retail sales was widely seen as a victory for the crypto industry, but the SEC has now made its case, saying the court failed to sufficiently consider the evidence presented by the regulator during the case.

Further, the regulator claims that the court failed to properly apply the relevant laws to the facts presented to it. As a result, the SEC asked the court to reject this part of the Ripple decision and hinted at a possible appeal in the Ripple case.

Read also:

XRP now 4th largest crypto; is it a good time to buy or sell?

Dogecoin Pumps Following Twitter Rebrand

Dogecoin has been in the headlines this week and it all comes down to a subtle change in Elon Musks’ Twitter bio after renaming Twitter to X. This development, yet again, has fanned the flames of speculation that Dogecoin may have a future on the platform.

On Tuesday, observant users of X (formerly Twitter) pointed out that Elon Musks’ profile location now sports both an X and a D, with X referring to Twitter’s new branding, while D has been interpreted to mean Dogecoin.

In addition to the new X symbol, the header contained the symbol of DOGE, a coin long associated with the sometimes eccentric billionaire.

Data from CoinGecko, at press time, shows that Dogecoin is up around 5% in the last 24 hours and 12% in the last seven days. There is a connection between this Update X and the slight rise in Dogecoins, as Musks’ tweets previously moved the Shiba Inu-themed coin.

Also read: 3 platforms that can help you earn passive income from p2p crypto lending

Recall that Elon Musk presents himself as the Dogefather and has always supported the play even in the past. There is now speculation that the newly rebranded app X could start accepting dogecoin in the coming months, as owner Elon Musks seems to be infatuated with the meme coin.

Musks electric car company Tesla already accepts payment in dogecoin for merchandise purchases from the Tesla Store. With that, Dogecoin integration with X could be on the cards.

Conclusion

As the SEC signals its intention to appeal Ripple Labs’ XRP decision, a cloud of uncertainty hangs over the near-term crypto market. Additionally, anything Elon Musk decides to do with Dogecoin would have a lasting effect on the entire industry.

How these issues unfold will set precedents that could shape the crypto landscape for years to come.

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