US CPI fell to 3% year-on-year, and the market expects the last rate hike in July.
On July 12, 2023, the United States released the year-on-year data of the Consumer Price Index (CPI), which showed 3.0%, lower than the previous 4%. The Fed's aggressive interest rate hikes have reduced inflation to the lowest level in 2023, with a target of 2%.
The dollar index fell rapidly after the data was released. In addition, the Fed funds rate futures contract reflects that the market expects the last rate hike to take place in July 2023.
Looking ahead, the Federal Open Market Committee (FOMC) meets on July 26, 2023, when Fed Chairman Jerome Powell is expected to provide more information on the Fed's plans for quantitative tightening and adjusting the federal funds rate for the rest of the year.
"$XRP immediately surged 100% after a complex ruling in the SEC lawsuit against Ripple — institutional sales violated securities laws, while programmatic sales (sold through exchanges) did not."
On July 13, 2023, the United States District Court for the Southern District of New York issued a ruling regarding Ripple's sales of XRP. The court determined that Ripple's institutional sales of XRP constituted an offering of unregistered investment contracts in violation of securities laws, but its programmatic sales through exchanges did not. Therefore, the court's ruling was a complex win-lose outcome for Ripple.
Following the announcement, the price of XRP surged 102% in one day, and the news caused a lot of excitement in the cryptocurrency community. Coinbase also relisted $XRP on its exchange. Despite the bullish market reaction, it is important to note that the SEC can still appeal this ruling, and the legal battle between Ripple and the SEC is not over yet.
It is worth noting that $SOL also recorded a rise of more than 50% after the Ripple lawsuit was announced. The ruling on Ripple’s programmatic sales means that the exchange will allow more cryptocurrencies to be traded in the future.
In addition to the positive news about Ripple, there were several other positive industry developments last week. For example, Europe will launch its first Bitcoin spot exchange-traded fund (ETF) this month, providing investors with more exposure to the cryptocurrency market. In addition, the Australian Stock Exchange has received an application for its first Bitcoin spot ETF, indicating growing investor interest in this asset class. In addition, the former chairman of the U.S. Securities and Exchange Commission recently expressed support for approving a Bitcoin spot ETF, which could help further legitimize and mainstream cryptocurrency investing.
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