The cryptocurrency market saw widespread gains after a U.S. federal judge ruled that XRP should not be classified as a security in certain situations. This positive momentum helped Ethereum, the second-largest cryptocurrency, exceed $2,000 for the first time in over two months. The judge’s assessment of XRP’s status boosted confidence across the digital asset sector.
According to CoinGecko data, Ethereum reached as high as $2,009 this afternoon before slightly dropping to its current price of $1,985. Over the past 24 hours, Ethereum has seen a 5% increase. Compared to the previous month, it has gained 14% in value.
The last time Ethereum surpassed the $2,000 mark was on May 5th, according to CoinGecko. Except for brief periods in April when it went above $2,100, Ethereum has stayed below $2,000 over the past 11 months until the current price increase.
Despite the recent price increase, Ethereum is still down 59% from its all-time high of $4,878 reached in November 2021 during the peak of the cryptocurrency market.
The positive ruling on XRP has provided momentum for the broader cryptocurrency market beyond just Ethereum. XRP itself has seen an 81% price surge in the last 24 hours due to the decision. Many other digital assets have also benefited from the boosted investor confidence stemming from the regulatory clarity provided by the ruling.
Other major alternative cryptocurrencies (altcoins) such as Solana, Polygon, and Cardano have posted double-digit percentage gains today. Specifically, Cardano and Polygon have each risen approximately 20%. Compared to the altcoins, Bitcoin has seen a more modest 2% growth today, although it briefly reached $31,444 – its highest price in over a year.
According to CoinGecko, the overall cryptocurrency market has increased by around 5% over the last 24 hours. The XRP ruling has provided optimism that is lifting values across the digital asset sector.
