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Ether Pushes Past $2K as Ripple's Partial Win Against SEC Invigorates Market
Several layer-1 tokens soared after the Ripple ruling ignited hopes of a favorable ruling in other SEC cases against crypto firms.
Updated Jul 14, 2023, 7:54 p.m. Published Jul 14, 2023, 3:04 a.m.
Ether (ETH) is trading hands above $2,000, a three-month high, as the market picked up renewed optimism after a U.S. court found that sales of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts.
The second largest cryptocurrency by market cap was up 7.4% at $2,010 during the Asian morning hours. Various layer-1 tokens, such as Solana’s SOL, which has been accused by the SEC of being a security, also recorded double digit gains following the Ripple-SEC ruling on Thursday.
At the time of writing, SOL jumped 33.8%, MATIC gained 19.5%, Cardano's ADA was up 25%, and Stellar’s XLM soared 52%, in the last 24 hours.
The governance token of was also up 25% in the last 24 hours. The CoinDesk Market Index (CMI), a measure of crypto markets performance, was up 7.2%.
Bitcoin also passed its one-year high, trading at $31,424. Ripple's XRP nearly doubled after the ruling and was trading 66% at 78 cents at the time of writing.
In the last 12 hours, $203 million worth of short positions by crypto traders was liquidated, according to Coinglass data.
Read more: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
UPDATE (July 14, 06:00 UTC): Updates headline, adds links.
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