Favorable Ruling Sends XRP, Other Crypto Up Double-Digits

• $218 million worth of digital assets were liquidated from exchanges in the last 24 hours due to a favorable ruling on XRP.
• XRP rose 74% after the ruling, but has since retraced and is now trading for around $0.78.
• Other major crypto assets also saw double-digit increases including Solana, Arbitrum, Optimism, Cardano, Avalanche, Stellar and ApeCoin.

Favorable Ruling Sparked Crypto Market Rally

A judge recently ruled that Ripple Labs’ automated open-market sales of XRP are not securities. The highly anticipated ruling sent XRP skyrocketing, as it went from $0.47 to a peak of $0.82, a 74% increase which has since retraced to around $0.78 at the time of writing. Other notable double-digit rises include Ethereum (ETH) rivals Cardano (ADA) and Avalanche (AVAX), which saw respective increases of 16.5% and 15%, payments platform Stellar (XLM), which saw a 31% increase and ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club non-fungible token collection which rose by 18%.

Massive Liquidations For Short Sellers

The crypto market rally was not welcomed by short sellers as data from market intelligence firm Coinglass reveals that during the last 24 hours, $218 million worth of digital assets were liquidated from prominent crypto exchange platforms such as Binance ($77 million), OKX ($59 million) and Bybit ($30 million).

Most Affected Assets

Coinglass unveils that the four crypto assets that saw the most liquidations of short positions during the last day are Bitcoin (BTC), XRP, Solana and Ethereum.


Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets as transfers and trades are at your own risk and any loses you may incur are your responsibility.


The news about Ripple Labs receiving a favorable ruling sent shockwaves through the cryptocurrency markets resulting in numerous double digit gains across several major cryptocurrencies such as Ethereum rivals Cardano (ADA) & Avalanche (AVAX), payments platform Stellar(XLM) & ApeCoin(APE). However this positive news was not welcomed by all with short sellers seeing massive liquidations amounting up to over $218 Million during this period proving once again how unpredictable these markets can be!