Ether Pushes Past $2,000 as XRP Ruling Excites Markets

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Ether Pushes Past $2,000 as XRP Ruling Excites Markets

Coindesk2023/07/14 03:04

By:Sam Reynolds

Several Layer 1 tokens are soaring as SEC cases are called into question after a favorable XRP ruling.

Ether is trading hands above $2,000, a three-month high, as the market picked up renewed optimism after a U.S. court found that sales of Ripple’s XRP tokens on exchanges and through algorithms .

The token for the world’s computer is up 7.4% and is trading at $2,010 during the Asia morning. Various Layer 1 tokens, such as Solana’s SOL, which has been , have also seen their tokens gain double digits since the ruling was published.

Stellar’s XLM is up 52% in the last 24 hours, while SOL is up 33.8%, MATIC is up 19.5%, and Cardano's ADA is up 25%.

Lido DAO’s governance token is also up 25% in the last 24 hours.

The CoinDesk Market Index (CMI) is at 1,368, up 7.2%.

Bitcoin has also and is now trading at $31,424.

In the last 12 hours, traders liquidated $203 million in short positions,

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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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Currently, the two main drivers of liquidity into the crypto market are ETF net inflows and new stablecoin issuances. Recently, several U.S. financial giants have applied to launch spot ETFs for assets such as XRP and LTC. If approved, these ETFs could present a significant opportunity for both the assets and the broader crypto market. Investors may consider positioning themselves early, particularly during market downturns, to capitalize on potential bullish catalysts.

Bitget VIP•2025/02/14 06:25