Last Week in Review: Crypto rallies as US court rules on XRP
The highlights from last week’s headline grabbers. All the important news, numbers and events from the world of crypto in one place.
News from the block
🧐 Ripple’s not a security, court rules
- XRP shot up more than 60% last week after the Southern District of New York ruled that it’s “not necessarily a security on its face.”
- “The judgments today are a huge step forward for the industry,” Chris Martin, head of research at Amberdata, told CNBC. “By judging that XRP is not a security we’re starting to get clarity on what constitutes a security and what constitutes a commodity — the SEC will have to revise their tactics on several of their ongoing cases and I expect that this judgment will implicate several other tokens as non-securities.”
- Ripple Chief Executive Brad Garlinghouse in an interview called the ruling “a huge win for Ripple but more importantly for the industry overall in the US,” according to Reuters.
🔻 Lowest US CPI inflation numbers since August 2021
- The latest consumer price index (CPI) numbers from the US last week showed the smallest monthly gain since August 2021.
- “Inflation isn’t dead, but the extraordinary pandemic push on prices from shortages and shift to stay-at-home purchases is clearly over, and the Fed for the first time has the upper hand in its inflation fight,” Christopher Rupkey, chief economist at FWDBONDS in New York, told Reuters.
🔺 Standard Chartered pushed bitcoin prediction to $120,000
- Standard Chartered announced that bitcoin has the potential to reach $120,000 by the end of next year.
- The British multinational bank noted we may have seen the end of the “crypto winter” that started early last year.
▶️ Google Play opens up to NFTs with changes to policy
- Google has updated its mobile software marketplace to integrate digital assets like NFTs into their games, according to TechCrunch.
- “As a platform, we always want to help developers bring innovative ideas to life,” said Joseph Mills, Group Product Manager at Google Play. “Google Play hosts a variety of blockchain related apps, and we know that our partners are excited to expand on these offerings to create more engaging and immersive digital experiences with tokenized digital assets such as NFTs.”
- This change will allow apps and games on Google Play to reconceptualize “traditional games with user-owned content to boosting user loyalty through unique NFT rewards,” Mills said.
Crunching the numbers
🔺 55% – XRP is up 55% in the last week following a ruling by a US court that the cryptocurrency is not necessarily a security.
📈 $120,000 – Where the bitcoin price can go by the end of 2024, as called by multinational bank Standard Chartered.
🥫 3% – The Consumer Price Index (CPI) increase year-on-year, the lowest number since 2021.
🎂 10 – Luno’s turning 10 and we’re celebrating with giveaways and prizes. Check the Luno app and our social media channels for updates and more information.