Bitcoin and crypto-related stocks rise ─ optimism spreads with XRP ruling | CoinDesk JAPAN | Coin Desk Japan

The cryptocurrency market rose broadly, along with crypto-related stocks, after a court ruled that Ripple’s sale of XRP through exchanges and algorithms did not violate federal securities laws.

According to CoinDesk data, Bitcoin (BTC) has broken out of the $31,000 resistance, rising to $31,700 at the time of writing, its highest level in more than a year. (Around $31,300 at 7:30 p.m.).

Crypto assets named as unregistered securities in June’s SEC lawsuits, including Solana (SOL), Polygon (MATIC) and Cardano (ADA), also surged about 15%. XRP itself rose by about 70% in 24 hours to $0.80.

In stocks, Coinbase (also sued by the SEC on unregistered securities charges in June) surged 24% to its highest level since August 2022, while MicroStrategy (MSTR) surged 12%.

Crypto-mining stocks also rose, with Marathon Digital (MARA) and Riot Platforms (RIOT) up 14% and Hat Eight Mining (HUT) up 19%.

“Investors have been taking a wait-and-see approach as the SEC has taken a very tough stance on crypto,” said Charles Storry, head of growth at crypto index platform Phuture.

“The Ripple trial ruling was the catalyst for capital to start moving into this realm.”

Shortly after the ruling, Coinbase tweeted that it will resume trading XRP/USD, XRP/USDT, and XRP/EUR as soon as sufficient liquidity is secured.

“Traders have long awaited the Ripple court ruling, and it has always been discussed as a major potential driver (of price action),” said Parsec founder and CEO Will Sheehan.

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: Bitcoin and Crypto Stocks Like Coinbase Soar as XRP Ruling Bolsters Optimism