Ether (ETH) is trading hands above $2,000, a three-month high, as the market picked up renewed optimism after a U.S. court found that sales of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts.

The second largest cryptocurrency by market cap was up 7.4% at $2,010 during the Asian morning hours. Various layer-1 tokens, such as Solana’s SOL, which has been accused by the SEC of being a security, also recorded double digit gains following the Ripple-SEC ruling on Thursday.

At the time of writing, SOL jumped 33.8%, MATIC gained 19.5%, Cardano's ADA was up 25%, and Stellar’s XLM soared 52%, in the last 24 hours.

Unmute

The governance token of Lido DAO (LDO) was also up 25% in the last 24 hours. The CoinDesk Market Index (CMI), a measure of crypto markets performance, was up 7.2%.

Bitcoin (BTC) also passed its one-year high, trading at $31,424. Ripple's XRP nearly doubled after the ruling and was trading 66% at 78 cents at the time of writing.

In the last 12 hours, $203 million worth of short positions by crypto traders was liquidated, according to Coinglass data.

UPDATE (July 14, 06:00 UTC): Updates headline, adds links.

Ether Ethereum XRP Prices

Sam Reynolds

Sam Reynolds is a senior reporter based in Taipei. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.