In a major development for the cryptocurrency market, Bitcoin surged towards the $32,000 milestone late on Thursday, following news of a U.S. judge ruling that XRP was “not necessarily a security on its face.” The ruling was met with enthusiasm within the crypto community, as it raised hopes that other crypto companies currently embroiled in legal battles with the Securities and Exchange Commission (SEC) could also achieve favorable outcomes.
Bitcoin’s price (BTC) experienced a notable upswing, approaching $32,000 within the past 24 hours after the positive XRP ruling. The BTC/USD pair reached a peak of $31,814.51, marking the strongest point since late-May last year when the price surpassed $32,000. Earlier in the day, Bitcoin traded as low as $30,486.69 before the impressive surge. However, profit-taking by traders resulted in a slight decline, with the price now hovering around $31,208.15.
It’s worth noting that the relative strength index (RSI) failed to break the 66.00 ceiling and currently stands at 62.62. Additionally, a potential downward crossover between the 10-day (red) moving average and the 25-day (blue) counterpart was averted. These indicators reflect the ongoing market dynamics and the cautious trading approach of investors.
Ethereum (ETH) also experienced a significant boost, crossing the $2,000 threshold during today’s trading session, fueled by the positive Ripple news. After hitting a low of $1,878.81 on Thursday, the ETH/USD pair soared to an intraday high of $2,026.20. This surge led Ethereum to reach its highest level since April 19. Notably, there was no downward crossover between moving averages, indicating a favorable momentum for Ethereum bulls.
However, similar to Bitcoin, Ethereum’s RSI failed to break through the 65.00 ceiling, currently resting at 63.02. At the time of writing, Ethereum is trading at $1,991.99, reflecting the dynamic nature of the cryptocurrency market.
The recent developments in the legal landscape, with the XRP ruling favoring the crypto industry, have injected renewed optimism among market participants. Traders and investors are closely monitoring these regulatory outcomes as they navigate the volatile cryptocurrency market, eagerly anticipating potential positive resolutions for other ongoing legal battles.
Overall, the surge in Bitcoin and Ethereum prices, coupled with the XRP ruling, has injected fresh excitement into the cryptocurrency space. As the market continues to evolve, it remains an exciting time for crypto enthusiasts and investors alike, with potential opportunities on the horizon.
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