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While the crypto market is seeing positive ripples from the recently announced results of the Ripple-SEC case, and the Ripple-affiliated XRP token is skyrocketing, the leading cryptocurrency Bitcoin has also reached a new price high, not seen since last year.
Santiment on-chain data aggregator has tweeted the reasons for Bitcoin reaching a new price peak of $31,500.
Bitcoin breaks above 13-month price peak
On Thursday, June 13, the Bitcoin price suddenly surged by 4.45%, hitting the $31,636 level – not seen since June 1 last year, according to a recent tweet by Santiment. By now, however, BTC has lost some of those gains, with the overall rise since yesterday constituting 2.92%. Bitcoin is changing hands at $31,203 on the Bitstamp crypto exchange.
Bitcoin's market cap went up by 2.15%, now standing at $606,498,554,805. Its trading volume surged by 78.72%, hitting $26,275,297,330.
Aside from the XRP price boost caused by the partial victory of Ripple Labs over the SEC regulator in court, Santiment also stated that mid-tier traders have been showing "the greatest signs of Bitcoin accumulation." Those include "dolphin"/"shark" (wallets holding 0.11- 100 Bitcoins) and "fish" (wallets with up to 0.1 BTC in them).
🥳 While eyes are on $XRP's huge run, #Bitcoin quietly broke out of its resistance and has breached $31.5k for the first time since June 1st, 2022. Other assets may have bigger returns, but don't overlook $BTC's significance & how its addresses fluctuate. https://t.co/rujTjKsVi8 pic.twitter.com/jKhK9V6opm
— Santiment (@santimentfeed) July 14, 2023
The second largest crypto, Ethereum, has also demonstrated a big rise on the news of the Ripple win. ETH surged by nearly 5%, cumulatively rising by 7.58% over the past two days, briefly surpassing the $2,000 level. By now, however, Ethereum has lost 1.37%, exchanging hands at $1,997.
XRP price surges massively
Over the past 24 hours, the sixth largest cryptocurrency XRP surged briefly by more than 100%, hitting the $0.94 level. However, trading closed at 74% growth when the price settled at $0.82325.
By now, the coin's price has rolled back by 5.61%, trading at $0.77597.
The whopping price surge was triggered not only by the partial victory of Ripple over the SEC in court but also by the fact that large exchanges one after another began to restore XRP trading on their platforms – Kraken, Bitstamp, Coinbase and Crypto.com.
This is the first turning point victory for Ripple since the beginning of the case in late December 2020, when it was initiated by the securities regulator, which 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.
Now, Judge Analisa Torres has made a verdict that Ripple's institutional XRP sales were indeed securities. However, programmatic and all other sales were not.
Tomiwabold Olajide
Godfrey Benjamin
