U.Today - While the crypto market is seeing positive ripples from the recently announced results of the , and the Ripple-affiliated XRP token is skyrocketing, the leading cryptocurrency Bitcoin has also reached a new price high, not seen since last year.
Santiment on-chain data aggregator has tweeted the reasons for .
Bitcoin breaks above 13-month price peak
Bitcoin's market cap went up by 2.15%, now standing at $606,498,554,805. Its trading volume surged by 78.72%, hitting $26,275,297,330.
Aside from the XRP price boost caused by the partial victory of Ripple Labs over the SEC regulator in court, Santiment also stated that mid-tier traders have been showing "the greatest signs of Bitcoin accumulation." Those include "dolphin"/"shark" (wallets holding 0.11- 100 Bitcoins) and "fish" (wallets with up to 0.1 BTC in them).
The second largest crypto, Ethereum, has also demonstrated a big rise on the news of the Ripple win. ETH surged by nearly 5%, cumulatively rising by 7.58% over the past two days, briefly surpassing the $2,000 level. By now, however, Ethereum has lost 1.37%, exchanging hands at $1,997.
XRP price surges massively
By now, the coin's price has rolled back by 5.61%, trading at $0.77597.
The whopping price surge was triggered not only by the partial victory of Ripple over the SEC in court but also by the fact that large exchanges one after another began to – Kraken, Bitstamp, Coinbase (NASDAQ:COIN) and Crypto.com.
This is the first turning point victory for Ripple since the beginning of the case in late December 2020, when it was initiated by the securities regulator, which claimed that XRP was an unregistered security sold illegally not only by Ripple Labs but also by its CEO Brad Garlinghouse and co-founder Chris Larsen.
Now, Judge Analisa Torres has made a verdict that Ripple's institutional XRP sales were indeed securities. However, programmatic and all other sales were not.