Cryptocurrencies, crypto-related stocks surge on XRP ruling

Blockchain native tokens, like Solana, Polygon, and Cardano, all of which the US SEC labelled unregistered securities in earlier lawsuits, added nearly 15 per cent on the news

Cryptocurrencies across the board jumped along with crypto-related stocks following a federal judge ruling that the sale of Ripple’s XRP tokens on exchanges and via algorithms did not breach federal securities laws.

Bitcoin (BTC) surpassed the $31,000 resistance level, increasing to $31,700 at one point, its highest level in more than a year, as per CoinDesk data.

A number of blockchain native tokens, like Solana (SOL), Polygon (MATIC), and Cardano (ADA), all of which the US Securities and Exchange Commission (SEC) labelled unregistered securities in earlier lawsuits, added nearly 15 per cent on the news. XRP itself increased nearly 70 per cent to $0.80.

Among stocks, Coinbase – the subject of its own Securities and Exchange Commission lawsuit in June alleging the sale of unregistered securities – surged 24 per cent to its highest level since August 2022 and MicroStrategy (MSTR) advanced 12 per cent. Crypto miners were also steeply up, with Marathon Digital (MARA) and Riot Platforms (RIOT) adding 14 per cent and Hut 8 Mining (HUT) climbing 19 per cent.

Investors have been on the sidelines because of the SEC having a very public and strict opinion about crypto, Charles Storry, head of growth at crypto index platform Phuture said. The Ripple case ruling has been the start of some of that capital beginning to enter the space.

Coinbase tweeted soon after the decision that it would revive trading for XRP-USD, XRP-USDT and XRP-EUR trading pairs on the XRP network as soon as there is adequate liquidity.

Traders have been waiting for a Ripple ruling for a long time and it has always been discussed as a big potential catalyst, Will Sheehan, Chief Executive Officer and Founder of Parsec said.