The latest outcomes of the Ripple-SEC case are having a favourable impact on the cryptocurrency market, and the Ripple-affiliated XRP token is surging, but the most popular cryptocurrency, Bitcoin, has also set a new price high that hasn’t been seen since last year.
On-chain data aggregator Santiment tweeted the explanations for why Bitcoin’s price hit a new high of $31,500.
Bitcoin breaks above 13-month price peak
According to a recent tweet by Santiment, on Thursday, June 13, the price of Bitcoin unexpectedly increased by 4.4 percent, reaching the $31,636 milestone, which had not been reached since June 1 of last year. BTC has already given up part of those gains, with the entire increase since yesterday amounting to 2.92%. The price of a bitcoin on the Bitstamp cryptocurrency exchange is $31,203.
The market capitalization of bitcoin increased by 2.15% to $606,498,554,805 at this time. The amount traded in it increased by 78.72% to $26,275,297,330.
In addition to the increase in the price of XRP brought on by Ripple Labs’ partial legal success over the SEC regulator, Santiment noted that mid-tier traders have been displaying “the greatest signs of Bitcoin accumulation.” These include “fish” wallets, which can contain up to 0.1 BTC, and “dolphin”/”shark” wallets, which can handle 0.11 to 100 BTC.
In response to the Ripple victory, Ethereum, the second-largest cryptocurrency, also experienced a significant increase. The price of ETH increased by about 5%, increasing by a total of 7.58% during the previous two days, momentarily crossing the $2,000 mark. However, Ethereum is currently trading at $1,997 after suffering a loss of 1.37%.
XRP price surges massively
The sixth-largest cryptocurrency during the last day, XRP, momentarily rose by more than 100%, reaching $0.94. However, trade ended with a 74% increase as the price ended up at $0.82325.
The currency is currently trading at $0.77597 after falling by 5.61%.
The enormous price increase was brought on by both the partial legal success of Ripple over the SEC and the gradual return of XRP trading on major exchanges including Kraken, Bitstamp, Coinbase, and Crypto.com.
Since the case’s inception in late December 2020, when the securities regulator claimed that XRP was an unregistered security sold illegally not only by Ripple Labs but also by its CEO Brad Garlinghouse and co-founder Chris Larsen, this is the first pivotal victory for Ripple.
As of right now, Judge Analisa Torres’ decision that Ripple’s institutional XRP sales constituted securities was final. All other sales, however, and programmatic were not.
