Crypto Price Today: Crypto Markets Soars as XRP Wins, BTC Price Surges to $31,000

Key Takeaways

• Bearish clouds fade away from the crypto space following a huge victory for Ripple against the SEC. 
• Bitcoin price surged above $31,000, while Ethereum managed to clinch levels above $2000 for the first time since May 2023
• The technicals are in favor of the bulls; hence a considerable upswing may be maintained for the rest of the week. 

CRYPTO MARKET TODAY AT A GLANCE

The markets maintained a considerable swing below their major resistance and were waiting for a bullish push to trigger a jump. The outcome of the Ripple vs. SEC lawsuit has played a major role in lifting the crypto space. The global crypto market cap soared beyond $1.26 trillion, which had been stuck at $1.19 for over a month. Besides, the trading volume also jumped above $67 billion with a massive rise of 119.58%, while the share of stablecoin volume dropped to 88.67% in the past 24 hours.

The star crypto Bitcoin leaped above $31,500 to mark an intraday high at $31,810 for the first time since May 2022, recording a jump of nearly 4%. Besides, Ethereum surged above $2000, gaining more than 7.5% in the past 24 hours. XRP topped the leaderboard of gainers with a 63.58% jump, followed by Stellar (XLM) with 53.07%, Solana (SOL) with 31.04%, Lido DAO (LDO) with 27.37%, Cardano (ADA) with 25.23%, and Pepe (PEPE) with 19.57%. 

*As of 14-July-2023, 08:15 am

Bitcoin Price Surged by 4% to Rise Above $31,500

Source: Tradingview

• Even though the Bitcoin price received a bullish push, it still continues to trade within the parallel channel. 
• The price is constantly trying to breach the upper resistance of the channel, but the bears appear to have held a strong grip at these levels.
• Besides, the RSI faced a bearish divergence, but the ADX continues to maintain a decent upswing, indicating the bulls hold the required strength.
• Hence, the BTC price could consolidate at the resistance for a while and later trigger a fine upswing above $32,000 during the weekend or in the coming week.Additional Read: Bitcoin Price Prediction

Ethereum Price Surges Above $2000 with 7.64% Jump

Source: Tradingview

• The Ethereum price appears to be in a strong position, maintaining its trend within an ascending triangle.
• The price tried to breach through the upper resistance of the pattern, but the breakout may be validated if it records another 5% to 8% jump beyond $2100.
• The RSI is about to reach overbought levels, while the ADX has just triggered a bullish divergence, indicating the bulls may gain certain strength, causing the price levels to rise.
• Moreover, the volume has also surged to some extent, which flashes bullish signals for the crypto, activating the target at $2500 for the month.

Read More: Ethereum Price Prediction

Latest Updates of the Crypto Market

• Ripple won a historic battle against the SEC as Judge Analisia Torres produced a Summary judgment and termed XRP as not security.
• The XRP price soared by more than 70% to mark the yearly high at $0.933, with a jump in trading volume by more than 1600% to mark levels above $12 billion.
• Alex Mashinsky, the founder and former CEO of bankrupt crypto lender Celcius Network, pleaded not guilty after the SEC sued the platform on charges of market manipulation.

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