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Cryptocurrencies across the board rallied in crypto-related stocks after a federal judge ruled that selling Ripples XRP tokens on exchanges and through algorithms did not violate federal securities laws.
Bitcoin (BTC) broke through resistance at $31,000, hitting $31,700 at press time, its highest level in over a year, according to data from CoinDesk.
Several native blockchain tokens, such as Solana (SOL), Polygon (MATIC) and Cardano (ADA), which the Securities and Exchanges Commission (SEC) has all considered unregistered securities in previous lawsuits, have risen 15% on the news. XRP itself was up around 70% to $0.80.
Among stocks, Coinbase facing its own SEC lawsuit in June alleging the sale of unregistered securities climbed 24% to its highest level since August 2022 and MicroStrategy (MSTR) added 12%. Crypto miners also rose sharply, with Marathon Digital (MARA) and Riot Platforms (RIOT) gaining 14% and Hut 8 Mining (HUT) jumping 19%.
Investors have been sidelined due to Security and Exchange (SEC) having a very public and harsh view on crypto, said Charles Storry, head of growth at crypto index platform Phuture . The Ripple case decision was the start of some of that capital that started flowing into the space.
Coinbase tweeted shortly after the decision to re-enable trading for the XRP-USD, XRP-USDT and XRP-EUR trading pairs on the XRP network as soon as there is sufficient liquidity.
Traders have been waiting for a Ripple decision for a long time and it has always been discussed as an important potential catalyst, said Will Sheehan, CEO and Founder of Parsec.
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