Ripple wins lawsuit, XRP doubles in price, Coinbase surges over 20% in a single day

Following Ripple's legal victory, not only did the cryptocurrency market surge, but projects related to SEC lawsuits also saw significant gains. Stellar XLM's price increase was second only to Ripple, while ADA, SOL, and MATIC, which were indirectly affected by the SEC lawsuit, all rose by over 20%. Coinbase, which is currently battling the SEC, saw a one-day surge of up to 25%.

Bitcoin Surges Above $31,000, Cryptocurrency Market Cap Reaches June 2020 Levels

Bitcoin started rising from $30,297 at noon on July 13th, and after Ripple's legal victory news at 11 pm, it reached a high of $31,862 according to Coinbase prices, dropping to $31,418 at the time of writing.

Ethereum saw even higher gains, rising from a low of $1,862 at noon to a high of $2,029 according to Coinbase prices.

The total market capitalization of cryptocurrencies reached $1.21 trillion, slightly below the April levels this year, but comparable to June last year before Celsius Network declared bankruptcy.

XRP and XLM Surge

According to Binance prices, XRP saw a surge of up to 99.15%, rising from $0.46 to a high of $0.93, and its market ranking briefly climbed to fourth place.

Stellar XLM, associated with Ripple, although not in the top ten market capitalizations, had a 52% surge in the top hundred market capitalizations, second only to XRP.

Note: Stellar's co-founder, Jed McCaleb, was also a co-founder of Ripple.

Furthermore, following the impact of the SEC lawsuit against Coinbase and Binance, the U.S. online brokerage platform Robinhood announced the delisting of ADA, SOL, and MATIC, with gains of 24.75%, 33.53%, and 19.33%, respectively.

Coinbase Sees 25% Daily Surge

Coinbase surged 25.37% after the U.S. stock market opened on the evening of July 13th, with a stock price of $107 at the time of writing, nearing the levels before the 2022 Terra USD decoupling.

Coinbase has seen a 221% increase in its value this year, and Ripple's victory is seen as a major positive for Coinbase in the SEC lawsuit case.

Coinbase's long-time bull, Ark Investment, coincidentally reduced its Coinbase stock holdings for the first time in nearly a year on the 11th.