Recent days have seen a significant rise in the prices of various altcoins, including XRP, ETH, XLM, MAGIC, and LA. The increase in institutional interest, infrastructure upgrades, and other factors are influencing price dynamics.
XRP: Impact of News and Legal Developments
XRP saw a rise of 3.83%, reaching the price of $2.37. This was linked to recent developments, including Ripple dropping its cross-appeal and the expected SEC vote on halting its own appeal. This marked a significant point in XRP's legal battle with the SEC. Ripple CEO Brad Garlinghouse testified before the Senate advocating for regulatory clarity. Additionally, BNY Mellon became the custodian for Ripple's stablecoin RLUSD, further boosting XRP's ecosystem.
Ethereum: Institutional Purchases and Updates
Ethereum (ETH) also demonstrated an increase of 3.39%, priced at $2,664.94. The intensified institutional interest from companies such as SharpLink Gaming and BitDigital led to significant accumulation of ETH in the post-Merge period. Discussions around copyleft licensing and updates like EIP-4444 have improved accessibility for validators. The emergence of ETFs and ETH's deflationary mechanics continue to fuel investor interest.
Rise of Stellar, MAGIC, and LA: New Releases and Upgrades
Stellar (XLM) saw the highest growth of 13.21%, reaching $0.2882 due to critical network upgrades. The release of Stellar Core v23.0.0rc2 introduced new features positively impacting network activity, which hit over 197 million operations in June. MAGIC (listing decision on Niza.io and Gate.io) increased by 18.71%, reaching $0.1911, while LA (after listing on Binance) rose by 7.1%, confirming interest in zk-rollup technologies.
While traditional markets face uncertainty due to tariffs, the cryptocurrency market shows signs of strength fueled by institutional interest and technological upgrades. XRP and ETH continue to recover, while other altcoins like XLM, MAGIC, and LA also receive attention due to new offerings and improvements.
