The partial victory in the fight between Ripple and the U.S. Securities and Exchange Commission on Thursday did something that encouraging the inflation data the previous day couldn’t do. The largest cryptocurrency was trading at $31,328 in the last 24 hours, which is up by almost 3.2%. And bitcoin went up to $31,700, which has not gone this high in a year.
XRP rose by 96%, and at a point, it changed hands at 93.6 cents, which is the highest it has reached since March 2022. It was trading at 74 vets, which is still up by more than 73%. Weisberger wrote, that the ruling is very important in the Ripple case as that particularly renders the trade of the utility coins in the secondary market outside SEC jurisdiction, while also preventing the jurisdiction over institutional funding.
Weisberger further added that the rulings of Thursday relieve the pressure on these tokens and that it would not be a surprise if there is a rally that recovers the losses. The second largest crypto, Ether, jumped up to $2000 for the first time in the last three months. The equity index rose modestly, with the tech-heavy S&P 500 and Nasdaq Composite by 0.8% and 1.5%, respectively.
Weisberger believes that Coinbase and SEC are not likely to resolve the differences in a positive manner, which would give additional tailwinds in the crypto market. The CEO, Joe DiPasquale, of the Crypto fund manager, wrote that by now the applicants of Bitcoin ETF will also be having promising prospects, and it would be a surprise for them if BTC or any other cryptocurrencies get back to recent lows they have faced in the short-term.
