The SEC’s lengthy legal struggle against Ripple ended with the XRP lawsuit, which also boosted the cryptocurrency industry.
Judge Analisa Torres’ decision in favor of XRP the day before yesterday effectively put an end to the SEC’s protracted legal battle against Ripple. But not just the price of XRP benefited; nearly all crypto assets, including Bitcoin, did as well.
Bitcoin and Ripple (XRP) prices are rising due to cryptocurrency
The price of Bitcoin has actually increased the least of the main cryptocurrencies.
In fact, it has only increased by 1% as of yesterday compared to the day before, and although setting a new 2023 yearly high above $31,800 yesterday, it eventually plummeted all the way below $31,200.
It initially appeared as though it may also soar past $32,000, but after a climb that lasted for approximately four hours, it started to slightly decline.
The truth is that what happened to XRP day before yesterday had very little to do with Bitcoin; in fact, it’s possible that the US dollar’s collapse had more of an impact than XRP itself.
Even if this decline started long before Bitcoin’s surge, the Dollar Index dipped below 100 points Friday for the first time since March 2022.
In other words, the loss of the dollar created the conditions for a rise in Bitcoin, which was then sparked by the growth of XRP.
It is important to note that the present value of Bitcoin is comparable to that of the 3rd and 4th of July.
The cost of XRP
The price of XRP had the biggest increase day before yesterday.
It had a remarkable 98% increase from $0.47 to $0.93 in less than four hours. However, as soon as it crossed $0.93, it started to decline slightly and fell to roughly $0.8, which is also the current price.
It increased by 65% in 24 hours, and the only reason for this is that the judge sided with XRP and the cryptocurrency exchanges.
Many exchanges are relisting it, starting with Coinbase, after delisting it in recent months out of concern that it would be deemed a security.
Among the big cryptocurrencies, none of the others day before yesterday had similar increases.
Other crypto assets’ reaction
Those cryptocurrencies that the SEC had declared to be securities stand out among the larger cryptocurrencies.
In fact, other crypto assets should theoretically be subject to the same rules that apply to XRP, namely that they should not be considered investment contracts if sold by third parties on exchanges.
The +54% gain in XLM (Stellar), even if it is no longer in the top 10, is particularly noteworthy, along with the +26% increases in SOL (Solana) and ADA (Cardano).
However, as a result of yesterday’s increase, XLM returned to the top 20, surpassing BUSD and LINK (Chainlink), while XRP overcame BNB and moved behind USDT to fourth position overall in terms of market value.
However, it is still higher than Bitcoin but lower than other crypto assets. Ethereum, on the other hand, stopped below +6%.
Those cryptocurrencies that had been worried about being labeled securities benefited the most from the news, and to some extent Ethereum was one of them. Bitcoin, on the other hand, has never been thought of as anything more than a commodity, therefore it has not had any catastrophic sales in recent months.
LTC (Litecoin) is the only one that does not appear to have profited at all, both because it has never been in danger of being regarded as a security and because its value had already increased in recent months in anticipation of the impending halving.
BCH (Bitcoin Cash), on the other hand, defied the trend and fell roughly 5% today. However, it has previously experienced significant growth, so possibly yesterday someone chose to sell in order to purchase other cryptocurrencies.