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Steve Muchoki
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The cryptocurrency community in the United States has celebrated one of its greatest achievements after the Judicial system largely upheld XRP as a digital asset. Consequently, the entire cryptocurrency market capitalization had gained nearly 6.3 percent in the past 24 hours to about $1.3 trillion during the early Asian market on Friday. The recent crypto rally was triggered by the SEC vs Ripple final ruling by Judge Analisa Torres.
From the ruling, the Judge concluded that the XRP purchased directly from Ripple, which amounts to $728 million, were securities. Further, the Judge ruled that the Ripple programmatic sales amounting to $757 million do not satisfy security. Resultantly, Coinbase Global Inc (NASDAQ: COIN) and Bitstamp crypto exchanges announced their intent to relist XRP for trading after delisting it for two years.
Ethereum Price Reclaims $2K
Following a general win for Ripple and XRP in the United States, the second-largest digital asset and leading smart contract blockchain Ethereum (ETH) rallied more than 7 percent in the past 24 hours to trade around $2,010 during the early Asian market on Friday. According to market data provided through Binance-backed CoinMarketCap, Ethereum (ETH) has its daily traded volume up approximately 100 percent to about $12,315,877,237.
From a technical standpoint, Ethereum (ETH) price is headed to an April high which resulted from the hype on the Shanghai upgrade, which enabled withdrawals of staked Ethers. After experiencing a brief death cross between the 50 and 200 weekly Moving Averages earlier this year, the recent golden cross is getting a more bullish outlook with a possibility of revisiting ATH.
Nonetheless, the crypto market bull market has been studied to be triggered by the Bitcoin halving, thus showing the altcoin market has not decoupled from the top digital asset.
As a result, experts believe the crypto market is bound to receive another marker correction before the end of the year, which could see Ethereum’s price trade below $2K again.
Bigger Picture
The Ethereum and XRP community have often had a complicated relationship in the past few years leading to the recent ruling. However, with XRP largely ruled to be a non-security asset, the Ethereum community anticipates a similar ruling will be replicated on its ERC-20 tokens, which largely drive the high on-chain activity.
Notably, experts have argued that Ethereum may have started as a security having undertaken an ICO but has since morphed into a commodity. Moreover, the Ethereum network can now survive without the input of co-founder Vitalik Buterin since it uses the Proof-of-Stake (PoS) consensus mechanism. More crypto investors can participate in the Ethereum validator program through the staking services.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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