Bitcoin and Crypto Stocks Like Coinbase Soar as XRP Ruling Bolsters Optimism

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Bitcoin and Crypto Stocks Like Coinbase Soar as XRP Ruling Bolsters Optimism

Coindesk2023/07/13 20:03

By:Helene Braun

Crypto miners were also included in the rally as bitcoin rose to its highest level in 13 months.

Cryptocurrencies across the board rallied along with crypto-related stocks after a federal judge ruled that the sale of Ripple’s XRP tokens on exchanges and through algorithms .

Bitcoin () pushed through $31,000 resistance, rising to $31,700 at press time, its highest level in over a year, according to CoinDesk data.

Several blockchain native tokens, such as Solana (), Polygon (), and Cardano (), all of which the Securities and Exchanges Commission (SEC) deemed unregistered securities in previous lawsuits, . XRP itself rose about 70% to $0.80.

Checking stocks, Coinbase – the subject of its own SEC lawsuit in June alleging the sale of unregistered securities – soared 24% to its highest level since Aug. 2022 and MicroStrategy (MSTR) added 12%. The miners were also sharply higher, with Marathon Digital (MARA) and Riot Platforms (RIOT) gaining 14% and Hut 8 Mining (HUT) jumping 19%.

“Investors have been on the sidelines due to the Security and Exchange (SEC) having a very public and harsh view on crypto,” Charles Storry, head of growth at crypto index platform Phuture said. “The Ripple case ruling has been the start of some of that capital beginning to enter the space.”

Coinbase shortly after the decision that it would re-enable trading for 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 ruling for a long time and it has always been discussed as a large potential catalyst,” Will Sheehan, CEO Founder of Parsec said.

Edited by Stephen Alpher.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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