Cryptocurrencies head for a winning week after sharp rally fueled by Ripple court decision

Cryptocurrencies are heading for a winning week after a court ruling on Thursday sent a sharp and widespread rally in the cryptocurrency market.

bitcoin On pace to end the week up about 3%, as measured by Coin Metrics, and on pace to end the week above $30,000. Even with the lower-than-expected inflation reported on Wednesday and Thursday, the price of the major cryptocurrency remained flat for most of the week, and after gaining 4% on Thursday, it was still unable to hold the key technical level of $31,500. On Friday, it was trading down 1% at $31,251.92.

Ripple XRP The rally led the march after a judge in the Southern District of New York ruled that it was about security issues in some cases and not others. XRP is on track to end the week with a 65% gain. The code is associated with Solana Up 30.5% for the week, Cardano Ada Gain 21% and Polygon matic On track to finish 25% higher. ether increased by 7%.

“For bitcoin, the psychological $30,000 level has been a reliable support for its price, but it has also been struggling to show an undeniably clear breakout over the past two weeks, which has led to a range-bound move,” Yuya Hasegawa said. , crypto market analyst at Japanese bitcoin exchange Bitbank. “It is somewhat difficult to understand the fact that the struggle is still going on.”

Most of the big crypto assets were in the red on Friday as investors put the brakes on Thursday’s excitement and pondered what could come next for the cryptocurrency. While the decision is on the whole a positive for Ripple and the cryptocurrency industry, it was not a clear win.

The request was the latest development in a three-year battle between Ripple and the Securities and Exchange Commission. There is a possibility that some of these findings could be challenged and invalidated; The lawsuit even said the court would issue a separate order setting a trial date.