The flag bearer of cryptocurrency, Bitcoin, is currently trading at a notable $31,449, marking a remarkable surge of 3.5% on a recent Friday. Interestingly, this ascent in Bitcoin’s price isn’t entirely self-propelling but is also tied to a judicial triumph of Ripple Labs against the US Securities and Exchange Commission (SEC). As cryptocurrency enthusiasts learned about Ripple’s partial leg up, a reassured air seemed to blow through the market, helping Bitcoin breach the significant $31,000 resistance level.
The Chief Legal Officer of Ripple couldn’t help but emphasize the import of this ruling, terming it a ‘major victory’ for his firm and arguing that this should lay to rest contentions of XRP being classified as a security. He further hinted that this ruling could just serve to bridge the chasm between cryptocurrency and regulation, stirring much-needed dialogue on the subject.
The Ripple victory has not just spurred cryptocurrencies, as seen by Bitcoin’s rise, but exchanges alike too see it as an opportunity. Gemini, for instance, is eyeing a push for listing XRP now that Ripple’s lawyer has critiqued exchanges and given them solid footing for plans. Judge Torres’s differentiation of token sales to institutional investors versus the general public only supports this action.
Planting seeds of optimism, this Ripple win could be that turning point that cryptocurrency enthusiasts and companies have long waited for. One that not only clears misunderstandings and apprehensions but also brings a form of standardization to the sector.
Still, while Bitcoin’s price movement is looking upward, technicalities suggest a resilience around the $31,750 mark that Bitcoin has found difficult to smother. Moreover, with many capitalizing on their profits as Bitcoin entered the overbought zone, an increase in sellers might just garner a downward push on Bitcoin prices. Yet, if the support of $31,000 holds strong, we could potentially see a bullish thrust toward $31,750 and possibly $32,300.
Following this recent upheaval on the cryptocurrency stage, whether you’re on the fence about digital investments or looking for new ones to explore, it’s recommended you stay informed about emerging projects and alternative cryptocurrencies. This isn’t financial advice, just a suggestion to keep abreast of the ever-evolving digital finance arena. Remember, the value of your investments is always in your hands – so do your research and invest wisely.
Source: Cryptonews
