The BTC quotes rose to 31,440 USD on Friday.
The flagship cryptocurrency increased by 3.8% overnight, and the weekly surplus is estimated at 4.4%. A trigger for the move came from the outside: after the court acknowledged that the XRP was not a security, the token skyrocketed, pulling other digital assets upwards.
This is the driver that managed to push the cryptocurrency sector out of the range. The whole situation now favours buyers. Seasonal cycles also support the bulls. It was just a sparkle that the market needed.
The market breached 31,150 USD efficiently and is aiming at 31,850 USD. The way to the 33,000 USD is free and empty.
The cryptocurrency market capitalisation leapt up to 1.260 trillion USD. The BTC share has dropped to 48.5%, while the ETH share has climbed to 19.2%.
XRP: what a sensation
The situation around the Ripple token has been the focus of the cryptocurrency world for the whole day. The XRP price increased by 70.2% over a session, amounting to 0.8051 USD, and keeps rising. Initially, information spread on Twitter that the district court had favoured Ripple in the trial with the SEC. The Securities and Exchange Commission considers the XRP an unregistered security, but the court saw this differently. It is not yet clear at what point of the trial the SEC and Ripple are. The litigation has been dragging on since December 2020. However, if the sales of XRP by Ripple are not considered an investment contract, the cryptocurrency market will get mighty fundamental support.
Coinbase will bring back operations with XRP
The cryptocurrency exchange intends to resume XRP transactions after all liquidity conditions are fulfilled. However, XRP support might be limited in certain jurisdictions.ф