While the crypto market breathes in the positive air from the recently announced summary judgment in the SEC and Ripple case, the price of XRP soared rapidly. This rise in the leading altcoin caused Bitcoin, the largest cryptocurrency, to reach prices not seen since last year. Chain data company Santiment shared the reason behind Bitcoin reaching its highest level in 13 months at $31,800.
Two Investor Groups Behind the Movement in Bitcoin
In a recent tweet by Santiment, the company shared the reasons behind the sudden 4.45% increase in the price of Bitcoin on June 13, bringing it to $31,800, which hasn’t been seen since June 1, 2022.
The chain data company stated that Ripple’s partial victory against the US Securities and Exchange Commission (SEC) in court has redirected investors towards Bitcoin as well as XRP. According to Santiment, intermediate-level investors have shown significant signs of Bitcoin accumulation. These intermediate-level investors include Bitcoin investors who hold between 0.11 and 100 BTC, known as dolphins/sharks, as well as Bitcoin investors who hold up to 0.1 BTC.
The second-largest cryptocurrency and also the largest altcoin, Ethereum (ETH), has also experienced a significant increase following Ripple’s partial victory against the SEC. ETH has surpassed the $2,000 level for a short period of time, recording a cumulative 7.58% increase in the past two days.
Impressive Rise in XRP Price
Ripple’s partial victory against the SEC has benefited XRP the most, as expected. With a staggering 90% increase, the price of XRP reached $0.90. This massive rise in price was achieved not only through Ripple’s announcement of a partial victory in court against the SEC but also with major cryptocurrency exchanges such as Kraken, Bitstamp, Coinbase, Crypto.com, and Binance.US relisting the leading altcoin one after another.
At this point, it is worth noting that Judge Analisa Torres, who presided over the SEC – Ripple case, ruled that the programmatic and all other sales cannot be classified as securities sales. However, it should be noted that Ripple’s sales of XRP to institutional companies were ruled to be securities sales. Nevertheless, this is a significant milestone for Ripple in its case against the SEC, which alleges that XRP was illegally sold not only by the company but also by CEO Brad Garlinghouse and co-founder Chris Larsen.
