Bitcoin Crosses $31,700, Market Excited With Ripple’s Victory

Key Points:

  • The price of Bitcoin has hit $31,700 after a sideways period at $30,000.
  • Some other large-cap coins, such as SOL, ADA, and MATIC, have also recorded growth of 15-20%.
  • The main impetus comes from Ripple’s victory after ruling the nearly three-year-long lawsuit with the SEC.
The Bitcoin price surged to a one-year high at $31.7k, leading to a boom for the entire market. Ripple (XRP) is a shining name.

The largest cryptocurrency by market cap recently traded at $31,500, up 3.67% over the past 24 hours. Before that, its peak hit $31,700, the highest level in more than a year.

Bitcoin Crosses $31,700, Market Excited With Ripple's Victory
24h BTC price chart. Source: CoinMarketCap

Inflation data barely rocked the crypto markets, but Ripple’s partial victory on Thursday sent Bitcoin and other significant digital assets higher.

Partial victory for Ripple in its battle with the US Securities and Exchange Commission (SEC) in Thursday’s court ruling is believed to be the main driver that sent the entire market boom by the celebratory action of investors.

As previously updated, the US judge ruled that selling their XRP tokens on exchanges and through algorithms does not constitute an investment contract. But the Court also ruled that the institutional token sale violated federal securities laws.

Even so, the judge’s ruling, along with the support of exchanges with a series of re-listing announcements, helped XRP price bounce more than 85% in a short time.

Overwhelmingly, major cryptocurrencies such as Solana (SOL), Cardano (ADA), and Polygon (MATIC) plummeted after the SEC’s accusations also spiked by 15-20% in the past 24 hours. Specifically, ADA and SOL recently increased by more than 20% and 17%, respectively. And MATIC, the Polygon blockchain layer two token, which the SEC has also flagged, is up more than 16%.

Bitcoin Crosses $31,700, Market Excited With Ripple's Victory
Source: Coin360

On the side of the SEC, although agreeing with the Court’s decision, the agency said it will still take actions to consider and adjust the actions because, in some cases, Ripple is still considered to be in violation of securities law.

Although the final decision has not been reached, the ruling for the case of the SEC and Ripple has created a great incentive for investors because it will lead to the weakening of a series of previous highs of the company. SEC and its desire to control the cryptocurrency market.

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