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Cryptocurrency markets surge following landmark XRP decision; Bitcoin and Ethereum surpass key thresholds of 31,000 and 2,000 respectively.
Bitcoin and the broader cryptocurrency market experienced notable increases following Ripple’s legal triumph over securities regulators on July 13.
As of 8:30 p.m. UTC, Bitcoin (BTC) had risen by 4.3% in the last 24 hours, reaching a market price of $31,594.31 and a market capitalization of $613.8 billion. This change marks a peak not seen in over a year, as the asset has not achieved similar values since June 2022.
Ethereum (ETH) also saw a 6.9% increase in the past 24 hours, bringing its market cap to $239.8 billion. Its price briefly exceeded $2,000.
These increases were likely influenced by the verdict in a legal dispute between Ripple and the U.S. Securities and Exchange Commission, where the courts determined that Ripple’s XRP sales do not qualify as securities. XRP itself surged by 73% over 24 hours, achieving a market cap of $42.6 billion, making it the fourth largest cryptocurrency currently.
At least two prominent cryptocurrency exchanges—Coinbase and Gemini—have opted to list or are contemplating the listing of XRP following Ripple’s legal success. Such actions could further bolster the price of the XRP token.
Three cryptocurrencies mentioned in separate SEC cases against Coinbase and Binance are also among today’s top gainers: Cardano (ADA) increased by 19.5%, Solana (SOL) rose by 17.3%, and Polygon (MATIC) climbed by 17.8%. These gains may reflect a broader optimism regarding the potential for crypto firms to prevail in regulatory challenges.
Several other assets have also recorded increases. Stellar (XLM), which has historical connections to Ripple but operates independently, experienced a rise of 62.4%. The overall cryptocurrency market has grown by 6.5% in the last 24 hours, reaching a total market capitalization of $1.3 trillion.
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Liquidations total $236 million
In the meantime, the cryptocurrency market experienced $238.37 million in liquidations over a 24-hour timeframe. This figure includes $52.01 million in long liquidations and $186.36 million in short liquidations. Approximately 66,800 traders were liquidated in total.
Liquidations for July 13, 2023, via CoinGlass
Three assets accounted for the highest liquidations. Bitcoin faced $55.67 million in liquidations, Ethereum had $37.81 million in liquidations, and XRP saw $47.97 million in liquidations.
Binance was responsible for $85.88 million in liquidations, while OKX accounted for $68.74 million in liquidations. Together, these two exchanges contributed to approximately two-thirds of all liquidations across the cryptocurrency market.
Other exchanges, including Bybit, Huobi, and CoinEX, were responsible for the remaining liquidations, as illustrated below:
Exchange liquidations for July 13, 2023, via Coinglass
The day’s events signify rare positive developments amid the ongoing bear market in the cryptocurrency sector. While the broader implications of the Ripple case remain uncertain, the recent occurrences appear to have fostered optimism among cryptocurrency investors.
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