XRP Becomes 4th Largest Crypto; AI Tokens Rally
After Ripple Labs’ partial victory before the Securities and Exchange Commission (SEC) on July 13, Ripple has now overtaken Bitcoin to become the fourth-largest cryptocurrency by market valuation.
According to documents filed on July 13, Judge Torres has granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only in regards to programmatic sales on digital asset exchanges.
However, the SEC also managed to notch a victory of its own, as the federal judge has ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test.
According to statistics from TradingView, the price of XRP increased by as much as 98%.
Tech billionaire Elon Musk has made a habit to think “out of the box”. He recently launched a new Artificial Intelligence (AI) venture called xAI. According to Musk, the new project is aimed at, or to “understand reality.” Musk’s xAI team included former OpenAI, Google Research, Microsoft Research, and DeepMind employees.
The launch caused an unknown and unrelated crypto token, XAI, to rally. After the launch of Musk’s xAI, the XAI crypto token posted a 780% gain. However, the token’s price has since fallen by 50%.
AI-related crypto tokens also began to rally after Musk’s announcement. SingularityNET (AGIX) rallied by more than 10%, Fetch.ai (FET) rose by around 7%, Numeraire (NMR) rose by over 6 % and Phoenix (PHB) rose by almost 10% on Friday, July 14 2023.
AI-related crypto projects previously witnessed a boost after artificial intelligence began to garner mainstream appeal. The positive sentiment was further supported by NVIDIA stating that it was bullish on AI chip sales.
You need to login in order to Like
