Ether, the second largest cryptocurrency in the world, saw a spectacular rally in the past 24 hours after it gained more than 7% within a matter of hours. ETH’s bullish movement was fully attributed to the summary judgment in SEC’s controversial lawsuit against Ripple, wherein the judge’s ruling was mostly in favor of the crypto firm.
Crypto influencer Cryptachi took to Twitter earlier today to highlight Ether’s rally following the summary judgment:
ETH’s massive rally took its price to an 11-week high, with similar numbers last witnessed in April 2023. Data from CoinMarketCap showed that Ether was trading at $2,003 at the time of writing. Its market capitalization increased by nearly 7% since the previous day, along with a 115% hike in the cryptocurrency’s daily trading volume.
However, the rally was cut short once ETH’s price reached $2,022, which is a key resistance zone. This was breached once over the past year when Ether pushed all the way up to $2,103 in April. ETH’s yearly chart suggests that the cryptocurrency is in a ranging pattern. The bulls would have to push past this resistance zone to gain momentum in order to retake the pre-crypto winter price levels.
The summary judgment by SDNY Judge Analisa Torres was interpreted as a bullish event by the crypto community. The judge ruled that neither of XRP’s sales, barring the institutional sales, could be considered an investment contract. This put an end to the Securities and Exchange Commission’s long-standing controversial stance on the security status of dozens of mainstream cryptocurrencies, including ETH.
Judge Torres’ ruling set a crucial legal precedent for other lawsuits filed by the SEC against crypto entities, including exchanges Binance and Coinbase. In these lawsuits, the securities regulator asserted that more than a dozen cryptocurrencies were unregistered securities. These tokens included MATIC, SOL, and FIL, all of which rallied following the summary judgment.
