After a federal judge determined that the sale of Ripple’s XRP tokens on exchanges and through algorithms did not violate federal securities laws, all types of cryptocurrencies increased in value, as did stocks tied to the industry.
According to CoinDesk data, itcoin">Bitcoin (BTC) broke over $31,000 resistance and climbed to $31,700 at the time of publication, its highest level in almost a year.
On hearing the decision, the number of native blockchain tokens, including Solana (SOL), Polygon (MATIC), and Cardano (ADA), all of which the Securities and Exchange Commission (SEC) had previously declared unregistered securities, increased by roughly 15%. About 70% more XRP was traded at $0.80.
oinbase">Coinbase (CB) rose 24% to its highest level since August 2022 among equities, and MicroStrategy (MSTR) gained 12%. oinbase">Coinbase was the target of its own SEC action in June, charging the sale of unregistered securities. Marathon Digital (MARA), Riot Platforms (RIOT), and Hut 8 Mining (HUT) all saw gains of 14% and 19%, respectively, in the cryptocurrency mining sector.
Charles Storry, head of growth at crypto index platform Phuture said,”Investors have been on the sidelines due to the Security and Exchange Commission (SEC) having a very public and harsh view on crypto. The Ripple case verdict marked the beginning of some of that capital entering the market.”
Soon after the ruling, oinbase">Coinbase stated that it would resume XRP-USD, XRP-USDT, and XRP-EUR trading on the XRP network as soon as there was enough liquidity.
According to Will Sheehan, CEO and Founder of Parsec, “Traders have been waiting for a Ripple ruling for a long time, and it has always been discussed as a large potential catalyst.”
