- The SEC dropped its 3-year-long lawsuit against Coinbase, boosting the cryptocurrency market
- Ethereum saw significant growth, reclaiming the $2,700 margin and potentially retesting $3,000
- XRP experienced modest growth, with investors cautiously optimistic about Ripple’s SEC lawsuit
The cryptocurrency market got a significant boost this Friday, following the developments regarding the SEC vs Coinbase lawsuit.
On that date, the United States Securities and Exchange Commission dropped out of the 3-year-long lawsuit, awarding Coinbase one of the most relevant legal wins in cryptocurrency history.
The news was very well-received by investors, with the altcoin market experiencing a significant boost in value over the last 24 hours.
Ethereum Reclaims $2,700 Margin
Ethereum was one of the currencies that enjoyed the most growth following yesterday’s events. Over the last 24 hours, Ether went from $2,634 to the current value of $2,764—registering a 5.48% increase.
The current price zone where ETH is at has become a relevant resistance zone for the asset. The $2,700—$2,800 margin has been tested several times throughout the month.Â
If buyers are able to take advantage of the most recent daily rally to get past that zone, Ethereum could potentially retest the $3,000 zone, signaling a significant upward momentum for the asset.
XRP’s Modest Growth
Meanwhile, the second most valuable altcoin by market capitalization experienced modest growth when compared to Ethereum. Over the last 24 hours, XRP $2.53 to the current value of $2.57—registering a 1.59% increase in value, according to CoinMarketCap.
The somewhat lackluster growth is surprising, as many expected the altcoin to react favorably to the news of a less combative SEC. Yesterday, Ripple CEO Brad Garlinghouse celebrated the news of Coinbase’s victory over the Securities and Exchange Commission.
Nonetheless, XRP holders have something to celebrate, given the similarities between the Coinbase case and the SEC lawsuit against Ripple. Both cases hinge on the classification of certain crypto assets as securities, and the SEC’s decision to drop the Coinbase lawsuit could signal a more favorable outcome for Ripple.
Investors might be taking a cautious approach, possibly waiting for the start of the new trading week to see if the positive sentiment around a less aggressive SEC translates into a more favorable outlook for Ripple. Expect to see more trading volume once the SEC Commissioners approve the withdrawal, expected to happen sometime this week.
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