• Bitcoin price surged over 3.5% on Friday, breaking the $31,000 resistance level
• The surge was in response to Ripple Labs’ legal victory against the US Securities and Exchange Commission (SEC)
• Ripple’s chief legal officer highlighted the significant of the ruling and Gemini expressed appreciation for the court’s establishment of clear cryptocurrency regulations
Bitcoin Price Prediction: BTC Surges Above $31,000 Following Ripple’s Legal Victory
Bitcoin, the leading cryptocurrency, is currently trading at $31,449, marking a notable surge of over 3.5% on Friday. This surge in Bitcoin’s price coincided with Ripple Labs’ recent legal triumph in its prolonged three-year battle against the US Securities and Exchange Commission (SEC).
Market Response Reflects Improved Sentiment in Cryptocurrency
As news of Ripple’s partial success spread, Bitcoin experienced a significant boost on Friday morning, breaking above the crucial $31,000 resistance level. The market response reflects an improved overall sentiment in cryptocurrency, fueled by Ripple’s victory against the SEC lawsuit.
Ripple Chief Legal Officer Highlights Significance of Ruling
The chief legal officer of Ripple provided insights into the decision in the SEC vs. Ripple case on Thursday. He highlighted the significance of the ruling, describing it as a “major victory” for Ripple Labs and affirming that XRP should not be classified as a security. Furthermore he stated that sales on cryptocurrency exchanges should not be considered securities.