- With the judge’s ruling that XRP should not be considered a security in certain contexts, the crypto market is experiencing a widespread uptrend today.
- According to data, Ethereum surpassed $2,012 today, but as of the time of writing, it has slightly retraced to $1,987.
- The last time Ethereum traded above $2,000 was on May 5th, but the price subsequently declined.
Following the XRP decision, there was a rapid increase in Ethereum’s price, with volumes for ETH rising by 108% and OI (Open Interest) increasing by 14%.
XRP Decision Triggers the Rise in Ethereum
With the ruling by a federal judge in the U.S. that XRP should not be considered a security in certain contexts, the overall cryptocurrency market is experiencing an uptrend today. This momentum has pushed Ethereum, the second-largest cryptocurrency by market capitalization, above $2,000 for the first time in over two months.
According to data, Ethereum surpassed $2,012 today, but as of the time of writing, it has slightly retraced to $1,987. This represents a 5% increase in the past 24 hours and a 14% gain in the last month.
The last time Ethereum traded above $2,000 was on May 5th, but the price subsequently declined. Ethereum briefly surpassed $2,100 in April but, aside from these two short time periods, ETH has remained below the $2,000 threshold for the past 11 months.
Despite today’s rise, Ethereum is still down 59% from its all-time high of $4,878, which it set during the peak of the cryptocurrency market in November 2021. Ethereum is not the only cryptocurrency or token benefiting from the momentum created by the XRP decision. XRP’s price has increased by 90% in the past 24 hours.
Altcoins like Solana, Polygon, and Cardano have also achieved double-digit gains today, with Cardano and Polygon each gaining approximately 20% in value. In contrast, Bitcoin has only seen a 2% increase as of the time of writing.
Leverage Liquidations in Ethereum Rise Rapidly
As the price of Ethereum continues to rise, the number of liquidated traders has increased, with liquidations surpassing $37 million in the past 24 hours. Short positions accounted for $31.88 million of that amount.
Such a high amount of short liquidations was last seen on June 21st. Ethereum volumes have increased by more than 108% and have surpassed $26 billion. Open Interest (OI) for ETH has exceeded $6.74 billion, representing an increase of approximately 14%.
