Bitcoin (BTC) price surges past $83K, XRP breaks out above $2 as SEC vs. Ripple appeals pause

The crypto market is buzzing with excitement as Bitcoin (BTC) surges past $83,000, posting a solid 3.48% gain in just 24 hours.

In a surprising turn of events, the crypto market awoke to a scene of muted celebration, with Bitcoin (BTC) making a sluggish return above the $83K level after a 3.48% increment in the past 24 hours.

The world’s leading cryptocurrency had reached $83,064 by 08:38 UTC, although daily trading volume had dropped by nearly 15%, which could be seen as a sign of waning investor interest.

Despite a 2.65% increase in the crypto market cap to $2.63 trillion, daily trading volume had decreased by 14.93% in the past 24 hours. This lack of volume could be interpreted as investors remaining largely indifferent and not fully engaging with the ongoing rally.

Bitcoin’s sluggish return to the $83K range had been a key driver for the broader crypto market, which was now sitting at a total capitalization of $2.63 trillion, up by 2.65%. However, daily trading volume had dropped by nearly 15%, which was an interesting twist.

This decline in volume could indicate that while investors are optimistic, they’re not fully committing to the rally just yet. A lack of volume often suggests that the market’s current momentum may not be as strong as it appears, and Bitcoin could face resistance if trading activity doesn’t pick up.

Meanwhile, XRP crossed $2.02 as the SEC vs. Ripple legal saga took a pause, with both parties filing a joint motion to stay the appeals. This move was made to provide some much-needed respite from the ongoing case.

Both parties agreed to a pause in their appeals of a lower court ruling that largely favored Ripple in its case against the SEC over the sale of XRP.

The SEC had been attempting to classify XRP as an unregistered security, but the case took a surprising turn when a judge ruled in favor of Ripple on all three claims. Subsequently, both parties decided to take a step back from their appeals to regroup and strategize further.

This decision came after the SEC announced the creation of a task force to specifically focus on crypto, aiming to streamline regulations for the industry.

Despite a 24% drop in trading volume, the legal pause has raised hopes that XRP could finally break free from the regulatory shadow hanging over it.

Could this be the turning point for XRP? Some market analysts are targeting $2.33 for the weekend, while others are urging caution—after all, XRP has been notoriously volatile. The legal uncertainty is far from over, and while the pause is a positive development, the road to full regulatory clarity may still be long.

In other news, BNB has been on the rise, reaching $587.12, up 1.35% following a successful network upgrade and the SEC lawsuit taking a pause.

The Lorentz hard fork on BNB’s testnet reduced block times to just 1.5 seconds, significantly boosting its efficiency and scalability.

In addition to the technical upgrade, the SEC’s case against Binance has been paused for 60 days as the regulator shifts its focus to its new Crypto Task Force.

This move was made to allow both parties time to prepare their arguments in the ongoing lawsuit, which began in December 2022. The SEC's suit claims that Binance illegally raised over $1 billion from U.S. investors through the sale of securities.

However, the regulator’s attention has now turned to forming a specialized task force focused on crypto, aiming to coordinate efforts across different government agencies and streamline the process of setting clear regulatory frameworks for the industry.

This shift in focus could be crucial for providing much-needed clarity and stability in the crypto space.