Due to suitable regulation, greater network usage, and the projected Polygon (MATIC) 2.0 update, which might result in a rebranding to POL, MATIC’s pricing rose. On July 13, several important reasons led to a big price increase for Polygon MATIC tickers below $0.8033. These consist of the much-anticipated release of Polygon 2.0, an uptick in the activity of Dapps on this Polygon MATIC Network, and a recent favorable court decision for XRP.
They saw a surprising 24% increase in just twelve hours, sending its value to $0.79 around 13th July, its highest value in less than five weeks. The coin maintained a daily profit of 15% despite the initial euphoria waning, demonstrating increasing demand from investors and traders.
MATIC Takes Advantage Of The SEC’s Setback
On 13th July, New York’s USDC decided that the price of XRP had dropped by $0.72. It is not an investment. Given that the United States SEC expressly designated MATIC in a security position amid its legal struggle against the company called Coinbase on 6th June, this court ruling may have significant ramifications for other cryptocurrencies.
The company’s price fell 38% over the following five days, reaching its lowest level in about eleven months on 10th June, as investors assessed the risks involved with trading and holding assets that would be subject to delisting from controlled centralized exchanges.
According to the court decision, owners of XRP do not reasonably expect to profit from the labor of others. A favorable development for the whole cryptocurrency sector can be seen in this result. The court’s ruling impacts both the company, which will immediately be impacted by its ICO around 2019, and Ethereum, which powers the architecture of the Polygon MATIC network.