WASHINGTON (dpa-AFX) - Cryptocurrencies recorded a major price surge in response to a post by the CEO of Ripple Labs that his company's legal battle with the Securities and Exchange Commission has ended.
XRP, the cryptocurrency issued by Ripple Labs rallied 11.3 percent in the past 24 hours. With the brilliant overnight rally, XRP has added 15.8 percent in the past week and 20.6 percent on a year-to-date basis.
Brad Garlinghouse, the CEO of Ripple Labs posted on X that the four-year legal dispute between Ripple Labs and the SEC has ended. The Ripple-SEC dispute was keenly watched within the crypto industry as well as outside, considering the wide ramifications.
The SEC had in its lawsuit initiated in 2020 against Ripple Labs Inc alleged that the defendants had engaged in the unlawful offer and sale of securities in violation of Section 5 of the Securities Act of 1933. The SEC had also alleged that Ripple engaged in three categories of unregistered XRP offers and sales viz Institutional Sales under written contracts; Programmatic Sales on digital asset exchanges; and Other Distributions under written contracts for 'consideration other than cash.' The SEC also alleged that Christian Larsen and Bradley Garlinghouse engaged in unregistered individual XRP sales as well as aided and abetted Ripple's violations.
Overall crypto market capitalization is currently at $2.78 trillion, recording an overnight surge of 4.3 percent. The rally helped most cryptocurrencies erase recent losses. Only four of the top 100 cryptocurrencies are trading with overnight losses of more than a percent whereas only 5 of the top 100 cryptocurrencies are trading with weekly losses of more than a percent.
Prospects of peace in the Russia-Ukraine conflict as well as expectations of a dovish stance by the Fed also supported market sentiment. The Fed's interest rate decision as well as the latest economic projections are due to be released on Wednesday afternoon.
As per the Fed's projections made in December, the median federal funds rate of 4.4 percent is expected to reduce by 50 basis points each in 2025 and 2026 and by 25 basis points in 2027. The larger-than-expected softening in consumer price and producer price inflation in the U.S. in February has renewed hopes of a more dovish stance from the Federal Reserve. Crypto markets are eagerly waiting for a bigger easing in 2025 given the softening in price pressures.
Bitcoin added 2.9 percent overnight to trade at $84,155.83, around 23 percent below its peak. The leading cryptocurrency had touched a high of $84,394.54 and a low of $81,186.12 in the past 24 hours.
Ethereum jumped 7.3 percent overnight to trade at $2,028.67 lifting weekly gains to 8.9 percent. The leading altcoin had touched a high of $2,038.71 and a low of $1,873.67 in the past 24 hours.
Positive sentiment towards cryptocurrencies reverberated in the ETF markets also. Inflows to Bitcoin-based ETF products in the U.S. recorded $209 million on Tuesday. Ethereum-based ETF products however witnessed outflows of $53 million.
3rd ranked XRP (XRP) is currently trading at $2.50 which is 35 percent below the all-time high of $3.8419 touched in January 2018. The payments-oriented cryptocurrency touched a high of $2.5724 and a low of $2.2263 in the past 24 hours.
5th ranked BNB (BNB) declined 2.8 percent overnight at its current trading price of $610.71. BNB is currently trading 23 percent below the all-time high touched on December 4, 2024.
The price of 6th ranked Solana (SOL) jumped 7.2 percent overnight. With weekly gains of 5.4 percent, SOL is currently trading at $131.49, around 55 percent below its record high on November 23, 2024.
8th ranked Cardano (ADA) gained 7.9 percent overnight to trade at $0.7405. ADA is currently trading 76 percent below the record high touched in September 2021.
9th ranked Dogecoin (DOGE) rallied 5.7 percent overnight to trade at $0.1729. Having added 3.8 percent in the past week, DOGE is trading 77 percent below the previous peak scaled in May 2021.
10th ranked TRON (TRX) gained 2.7 percent overnight to trade at $0.2302. TRX has added 4.1 percent in the past week. The trading price is 48 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
For More Cryptocurrency News, visit rttnews.com
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
