Yesterday, Judge Analisa Torres effectively ended the SEC’s long-running lawsuit against Ripple, ruling in favor of XRP. But it was not only the price of XRP that benefited, as almost all crypto assets benefited, including Bitcoin.Â
Summary
Crypto: the rise in the price of Bitcoin and Ripple (XRP)
Truth be told, Bitcoin is among the major cryptocurrencies whose price has benefited the least.
Indeed, as of today it has risen only 1% from yesterday, and although just yesterday it recorded a new 2023 annual high above $31,800, it later fell all the way below $31,200.
At first it looked as if it might surge above $32,000 as well, but after a rise that lasted about four hours it began a slight descent.
The fact is that what happened to XRP yesterday had very little to do with Bitcoin, so much so that it was perhaps the decline of the US dollar that influenced it more than XRP.
The Dollar Index yesterday fell below 100 points for the first time since March 2022, even though this descent began long before Bitcoin’s rise.
In other words, the dollar’s decline paved the way for a rise in Bitcoin, which was then triggered at the time of XRP’s rise.
It is worth noting that the current value of BTC is in line with that of 3 and 4 July.Â
The price of XRP
The real big jump yesterday was made by the price of XRP.
In less than four hours it soared from $0.47 to $0.93, which is a sudden jump of 98%. However, as soon as it passed $0.93 it corrected a little, falling around $0.8, which is also more or less the current price.
In 24 hours it went up 65%, and that was only because the judge agreed with XRP and the crypto exchanges.
Starting with Coinbase, many exchanges are listing it again, after delisting it in recent months fearing it would be declared a security.
No other cryptocurrency, among the major ones, made similar jumps yesterday.
The response of other crypto assets
Prominent among the major cryptocurrencies are those that the SEC had declared to be securities.
Indeed, what applies to XRP, namely that if sold by third parties on exchanges it does not constitute an investment contract, in theory should also apply to other crypto assets.
Most notable are the +26% increase in SOL (Solana), the +20% increase in ADA (Cardano), but especially the +54% increase in XLM (Stellar), even though this one is now no longer in the top 10.
However, thanks to yesterday’s jump, while XRP overtook BNB, moving behind USDT to fourth place overall in terms of market capitalization, XLM returned to the top 20, overtaking BUSD and LINK (Chainlink).
Ethereum, on the other hand, stopped below +6%, so still more than Bitcoin but less than other crypto assets.
Mostly benefiting from the news were those cryptocurrencies that had been feared to be declared securities, and Ethereum was among them to some extent. Bitcoin, on the other hand, has always been considered merely a commodity, so it has not suffered any killer sales in recent months because of this.
The only one that does not seem to have benefited at all is LTC (Litecoin), both because it has never been at risk of being considered security and because it had already risen in recent months in anticipation of the upcoming halving.
On the other hand, BCH (Bitcoin Cash) bucked the trend, losing almost 5% today. Then again, it had grown a lot before, and perhaps yesterday someone decided to sell in order to buy other cryptocurrencies.
