Ethereum Reclaims $2,700 Margin as Cryptocurrency Market Gets a Boost Following SEC vs Coinbase Lawsuit Developments

The cryptocurrency market got a significant boost this Friday, following the developments regarding the SEC vs Coinbase lawsuit.

The cryptocurrency market saw a significant uptick in Friday, following the latest developments in the SEC vs Coinbase lawsuit.

On Friday, the United States Securities and Exchange Commission dropped out of the 3-year-long lawsuit, handing Coinbase one of the most important legal victories in cryptocurrency history.

The news was met with optimism by investors, with the altcoin market seeing a major boost in value over the last 24 hours.

Ethereum Reclaims $2,700 Margin

Ethereum was one of the currencies that saw the most growth following yesterday’s events. In the last 24 hours, Ether went from $2,634 to the current value of $2,764—marking a 5.48% increase.

The current price zone where ETH is at serves as a key resistance zone for the asset. The $2,700—$2,800 margin has been tested multiple times throughout the month.

If buyers are able to use the recent daily rally to get past that zone, Ethereum could potentially retest the $3,000 zone, indicating a significant bullish momentum for the asset.

XRP’s Modest Growth

Meanwhile, the second most valuable altcoin by market capitalization saw modest growth in comparison to Ethereum. In the last 24 hours, XRP went from $2.53 to the current value of $2.57—showing a 1.59% increase in value, according to CoinMarketCap.

The lackluster growth is surprising, considering that many expected the altcoin to react favorably to the news of a less combative SEC. Yesterday, Ripple CEO Brad Garlinghouse celebrated the news of Coinbase’s victory over the Securities and Exchange Commission.

However, XRP holders may be celebrating, considering the similarities between the Coinbase case and the SEC lawsuit against Ripple. Both cases revolve around the classification of certain crypto assets as securities, and the SEC’s decision to drop the Coinbase lawsuit may indicate a more favorable outcome for Ripple.

Investors may be taking a cautious approach, waiting for the start of the new trading week to see if the positive sentiment around a less aggressive SEC translates into a more optimistic outlook for Ripple. Expect to see more trading volume once the SEC Commissioners approve the withdrawal, which is expected to occur later this week.

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