ETH prices have skyrocketed over $2,000 for the first time since mid-April following the Ripple victory over the SEC.
Ethereum is up just almost 8% on the day, reaching a high of $2,020 during the Friday morning Asian trading session.
Furthermore, the asset, which was also deemed a security by Gary Gensler and the SEC, has outperformed Bitcoin, which has only managed a 3.5% daily gain.
#ETH is dancing around the 2k mark! This is more than just a number, it’s a sign of strength and resilience. Keep your eyes on the prize, folks. $ETH is not done yet! 🚀💪 #Crypto #Ethereum pic.twitter.com/QvfMlErtji
— Cryptachi (@itachi_cryptoo) July 14, 2023
On July 13, the judge presiding over the Ripple case, Judge Torres, ruled that secondary sales of XRP were not investment contracts. This has dealt a blow to the SEC since XRP can no longer be considered a security in this instance.
As a result, it has been re-listed on several exchanges, including Coinbase, which has boosted its price by over 70%. Other assets that the SEC alleged were securities such as Ethereum have enjoyed the ride up as prices jumped.
XRP (XRP) is now live on & in the Coinbase iOS & Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store this asset.
— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023
Zooming out shows that Ethereum is still within its sideways channel despite this jump. It needs to break resistance at mid-April’s high of $2,120 to register further gains, so may well resume its range-bound action for a while.
Nevertheless, ETH has made an impressive 16% over the past month though half of that is in the past few hours.
Ethereum staking stats are also bullish, with a record high of 24 million staked ETH, according to Nansen. This represents a record 20% of the total supply and is valued at $48 billion at current prices.
Total market capitalization is up 6.4% on the day at $1.3 trillion, which is the highest it has been since mid-April.
However, zooming out shows that markets have been sideways since mid-March, and today’s increases are just a minor blip.
Other altcoins getting a big boost from the Ripple victory include BNB, which is up over 6% at $258. Cardano (ADA) has jumped a whopping 26% to reach $0.363, while Solana is up 33% at $29 at the time of writing.
Other altcoins getting double-figure gains today include Dogecoin (DOGE), Polygon (MATIC), Avalanche (AVAX), Uniswap (UNI), and Ripple’s sister coin Stellar (XLM) surging a whopping 55% to reach $0.148.
