The cryptocurrency market experienced a significant boost, with the total market cap surging by over 6.5 percent to reach approximately $1.3 trillion in the past 24 hours. This surge was primarily fueled by the final ruling of the SEC vs Ripple case, which provided some much-needed regulatory clarity for the digital asset industry in the United States.
Following the ruling, Bitcoin broke above the $31,000 mark, while the altcoin market displayed a more bullish sentiment. The latest crypto price oracles revealed that the TOTAL2 market cap soared by over 10 percent, reaching about $608.7 billion during the early Asian market on Friday.
Among the altcoins, XRP registered the most substantial gains, reaching highs of about 95 cents on certain exchanges. With the initial frenzy now cooled off, XRP’s price still remained impressive, having surged by approximately 67 percent in the last 24 hours to settle around 78 cents.
Also Read Ripple Vs. SEC Verdict Is Out: Judge Torres Rules in Favor of Ripple
District Judge Analisa Torres’ ruling not only provided a favorable outcome for Ripple but also set the ball rolling for the digital asset industry in the United States. US House Majority Whip Tom Emmer even advocated for the ruling to be transformed into law, further solidifying the potential positive impact on the industry.
Moreover, altcoins closely associated with the SEC’s scrutiny, such as Polygon (MATIC), Cardano (ADA), and Solana (SOL), witnessed significant gains over the past 24 hours. Polygon saw an increase of around 18 percent, Cardano rose by 25 percent, and Solana experienced an impressive surge of 32 percent.
It is worth noting that XRP’s sister digital asset, Stellar XLM, also enjoyed a remarkable rally, with its price surging over 57 percent in the past 24 hours, reaching a trading value of around 15 cents on Friday.
Overall, the conclusion of the SEC vs Ripple case and the subsequent surge in the cryptocurrency market showcased a newfound optimism among investors, signaling a positive turn for the industry and paving the way for further developments in the United States.
