Digital asset payment network, Ripple (XRP) has surged over 60% in the past 24 hours following its partial victory against the Securities and Exchange Commission (SEC), putting an end to the three-year-long suit.
Since the ruling, the cryptocurrency market has recorded a $73.5 billion increase in its market cap, a 5.7% jump as assets continue their strong rally.
XRP, the center of the uphill run has skyrocketed 66.94% and trades at $0.789 at the time of writing. The asset now boasts a $41.44 billion market cap, moving past BNB to reclaim the fourth spot by market cap for the first time in two years.
BNB’s market value rose by 6% to 40.58 billion in the same period and exchanged hands at $254.06.
Market bulls are looking to push the upward momentum of XRP over $1, a mark it has failed to attain in years. The price of Ripple was weakened by the SEC’s lawsuit losing over 50% of its value with the firm shifting plans on going public until after the case.
The renewed surge of the asset is backed by whales as wallets with more than $100,000 hit their highest point in 2023 coupled with trading volumes reaching a 10-month high.
Brian Q, an analyst at Santiment noted that the activity of whales can sustain the surge for longer periods brushing off claims that it may be a short-term run.
“If key whale and shark addresses are increasing their supply going into this pump, then it is a get foreshadowing signal that the pump may just be getting started, and it’s a sign of good things to come.”
BTC, Ether, and XLM follow XRPs lead
Huge gains have been recorded across the market on the back of XRP’s success over the SEC. Market leader Bitcoin (BTC) tapped a new yearly high of $31,686 hours after the ruling.
At press time, BTC trades at $31,168, a 2% increase in the past 24 hours. In the altcoin world, Stellar (XLM) leads the charge as it continues its slight correlation with XRP.
XLM surged 55% in the past 24 hours to break into the top 20 digital assets by market cap displacing Binance USD.
Ethereum (ETH) initially pushed past the $2,000 resistance level before recording a slight correction below the mark at $1,990.
Solana (SOL), Cardano (ADA), and Avalanche (AVAX) posted gains of 25.88%, 20.94%, and 16.44% respectively in the last 24 hours.
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