Cryptocurrencies rallied across the board along with crypto-related stocks after a federal judge ruled that selling Ripple’s XRP tokens on exchanges and via algorithms does not violate federal securities laws.
According to CoinDesk data, Bitcoin (BTC) broke the $31,000 resistance and surged to $31,700 at press time, its highest level in over a year.
Several native blockchain tokens like Solana (SOL), Polygon (MATIC), and Cardano (ADA), all of which the Securities and Exchanges Commission (SEC) classified as unregistered securities in previous lawsuits, surged about 15% on the news. XRP itself is up around 70% to $0.80.
On the stock review, Coinbase — the subject of its own SEC lawsuit in June over the sale of unregistered securities — rose 24% to its highest since August 2022, and MicroStrategy (MSTR) is up 12%. Miners were also up significantly, with Marathon Digital (MARA) and Riot Platforms (RIOT) up 14% and Hut 8 Mining (HUT) up 19%.
“Investors have been sidelined because the Securities and Exchange (SEC) has a very public and hardline position on crypto,” said Charles Storry, head of growth at crypto index platform Phuture. “The ruling in the Ripple case was the start of some of that capital coming into the space.”
Coinbase tweeted shortly after the decision that it would resume trading for the XRP-USD, XRP-USDT, and XRP-EUR trading pairs on the XRP network once there was sufficient liquidity.
“Traders have long awaited a Ripple verdict and it has always been discussed as a great potential catalyst,” said Will Sheehan, CEO and founder of Parsec.
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