Fantom registered a 16.0% surge in price over the past 24 hours, closing at $0.315029 on July 13, 2023. This upswing follows Ripple's historic victory which has not only affected the XRP token but also reverberated across the entire crypto market, as can be seen in the bullish sentiment pervading the market here.
Market Data Analysis
In the past seven days, Fantom has swung between a low of $0.260243 and a high of $0.316760. The 24-hour trading volume stood at a robust $176,557,791, highlighting the heightened trading activity around the token. Fantom's market capitalization has risen to approximately $887,165,227, earning it a rank of 51 in the crypto market. Despite its significant price surge, Fantom's dominance remains relatively low at 0.068%.
This upward momentum is not an isolated incident, but part of a larger trend. Over the past 30 days, Fantom has seen a 19.7% price increase, with a respectable annual growth rate of 28.7%.
The crypto market experienced a shockwave following Ripple's legal victory, where a U.S. judge ruled in favor of Ripple Labs, stating they didn't violate federal securities law by selling XRP tokens on public exchanges. This verdict has not only pushed the price of XRP but also had a noticeable impact on the broader crypto market, including tokens like Fantom.
This court ruling has likely helped alleviate some of the regulatory uncertainty hanging over the crypto space, and may have been a contributing factor in Fantom's recent price surge.
Based on the current trends, it's reasonable to anticipate a continued bullish momentum for Fantom in the short term. The Ripple case's outcome seems to have boosted overall market sentiment, and if this positive sentiment persists, Fantom's price could continue on its upward trajectory.
However, the long-term forecast is subject to several external factors including further regulatory developments and market dynamics. Investors should keep a close eye on these factors and stay informed about the latest news in the crypto world.
Will Fantom Maintain Its Upward Trend?
Considering the current market sentiment and the positive effects from Ripple's legal victory, Fantom could maintain its upward trend in the near term. However, as with all cryptocurrencies, price volatility is to be expected and any investment should be made with careful analysis and consideration of the risks involved.
What Impact Does Ripple's Victory Have on Other Cryptocurrencies Like Fantom?
The Ripple victory has created a more optimistic atmosphere within the cryptocurrency market. As this ruling eases some regulatory uncertainty, other cryptocurrencies, including Fantom, could experience positive price movements. Nevertheless, the market is still subject to other factors and potential regulatory changes, hence continuous monitoring and evaluation are crucial.