After Ripple won the case against the US SEC, Bitcoin and other crypto-tokens went crazy during Friday’s trading session. The positive US inflation data also boosted the confidence in global digital assets. This led to massive gains for the token.
Bitcoin’s green was back, and it posted some major gains. The largest crypto token has jumped up to 4 percent, hovering around the $31,500 mark. Ethereum, its largest counterpart, performed better and grew by about 8 percent to reach $2,000 levels. Other altcoins have also seen strong gains over the past 24 hours.
Bitcoin reached a new high of $31,700 following a positive federal court ruling for Ripple. BTC is currently trading at $30,400. Edul Patel said that the month-to date performance is a 3 percent gain. The year-todate growth stands at a staggering 89 percent, according to Edul Patel.
‘Shortly after this news, XRP achieved its highest point in a full year within the past 24 hours. Outperforming BTC by more than 61 percent. Ethereum, the second largest cryptocurrency, also reached a record high, surpassing $2,000, he added. He added that the current market sentiment is bullish.
On Friday, the majority of top crypto tokens traded with gains of double digits. XRP soared by 64 percent, while Solana jumped 31 percent. Cardano gained over 25 percent, while Polygon grew by 18 percent. Avalanche added 13% and Polkadot 10%, respectively.
In the last 24 hour, the global crypto market cap jumped sharply to $1.26 billion. It has risen by almost 7 percent. The total trading volume soared by 121 percent to $67.66 Billion.
In the last 24 hour, there have been massive gains on the crypto market. The crypto fear-and-greed index has increased by 3 points and remains in the greed zone at 60/100. The market’s gains were triggered by an US court decision that is partly in favour of Ripple. Parth Chaturvedi said, Investments Lead at CoinSwitch Ventures
The court has ruled that retail investors cannot trade XRP as securities. The SEC will continue to appeal the ruling, and continues to oppose it. However, this decision has created a precedent that has led to a huge rally in the prices.
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Ripple has experienced a significant rally since the SEC v Ripple victory, where the Judge ruled that Ripple was not a security suitable for retail investors. After the news broke, the asset nearly doubled in value. It soared to $0.94 before trading at $0.75.
After six consecutive days of short candles, it is reasonable to expect a pullback in the coming days. The upward movement has pushed the RSI to overbought and it is now at 78.3.The divergence of the 20-day and 100-day moving averages suggests that bullish momentum will be seen in the near future. If the price is able to surpass the $0.85 level, it could result in a further rise towards the resistance levels at $1.0.