Ether Surges Above $2,000 Following Optimism from Ripple-XRP Ruling

Ether (ETH) has surged to a three-month high, surpassing the $2,000 mark, thanks to renewed optimism in the market. This upswing in Ether’s price comes after a U.S. court ruling found that the sales of Ripple’s XRP tokens via exchanges and algorithms did not fall under investment contracts.

During the Asian morning hours, the second-largest cryptocurrency by market capitalization recorded a 7.4% increase, reaching $2,010. This positive sentiment has also reverberated across various layer-1 tokens, including Solana’s SOL. Despite facing scrutiny from the U.S. Securities and Exchange Commission (SEC) over potential security classification, SOL saw double-digit gains following the Ripple-SEC ruling on Thursday.

In the last 24 hours, several prominent cryptocurrencies experienced significant price surges. SOL jumped by an impressive 33.8%, MATIC gained 19.5%, Cardano’s ADA was up 25%, and Stellar’s XLM saw a staggering 52% increase. Additionally, the governance token of Lido DAO (LDO) surged by 25% in the same period. These developments contributed to a 7.2% rise in the CoinDesk Market Index (CMI), reflecting the overall positive performance of the crypto markets.

Bitcoin (BTC), the leading cryptocurrency, also reached its one-year high, trading at $31,424. Ripple’s XRP, which nearly doubled in value after the court ruling, was trading at 78 cents, representing a 66% increase.

The market activity has not been without consequences. Within the last 12 hours, data from Coinglass revealed that approximately $203 million worth of short positions by crypto traders were liquidated. This suggests that some traders who had placed bets against the market’s upward movement were forced to close their positions due to significant losses.

Overall, the court ruling on Ripple’s XRP tokens has injected fresh enthusiasm into the crypto markets. The market surge has not been limited to Ether alone, as other cryptocurrencies experienced substantial gains. This development showcases the dynamic nature of the crypto industry and the impact that legal decisions can have on the market. As the market continues to evolve, investors and traders will closely monitor regulatory developments and court rulings to stay ahead of the curve and seize potential opportunities.

[Source: Coindesk]