Crypto Price Today: Bitcoin surges above $31,000; XRP skyrockets over 68% on court ruling

economictimes.indiatimes.com:

Cryptocurrency markets were trading higher, with the total global crypto market cap rising 6.3% to $1.26 trillion in Friday's trade. Bitcoin (BTC) rose 3% to $31,341, whereas Ethereum (ETH) was above the 2,000 level. Meanwhile, Ripple's XRP token rallied over 68% to $0.7949. A US District Judge ruled on Thursday that Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges, a decision that sent the value of the token soaring by as much as 68% in the last 24 hours. «Crypto coins experienced a rise in value following a federal judge's decision in the SEC's lawsuit against Ripple Labs, which was seen as a victory for the industry in terms of defining securities,» said ZebPay Trade Desk.

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«The weakening US dollar index (DXY) further bolstered the strength of the crypto market. Typically, a decline in the DXY corresponds to increased positive sentiment towards assets like Bitcoin,» ZebPay added. Other tokens like Solana and Cardano, which have also faced SEC scrutiny, saw notable gains of around 31% and 26% respectively in the last 24 hours. The total volume in DeFi is currently $4.07 billion, 5.85% of the total crypto market 24-hour volume. The volume of all stablecoins is now $61.56 billion, which is 88.58% of the total crypto market 24-hour volume. The market cap of Bitcoin, the world's largest cryptocurrency, crossed the $600 billion mark on Friday. Bitcoin's