XRP jumps amid court ruling against SEC, Bitcoin gains, Ether sole loser in crypto top 10

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Bit­coin edged high­er to remain above US$19,000 in ear­ly Fri­day morn­ing trad­ing in Asia, after fluc­tu­at­ing around that resis­tance lev­el all week. Ether dipped, while XRP led the gain­ers among the cryp­tocur­ren­cy top 10 by mar­ket capitalization.

See relat­ed arti­cle: Mar­kets: Bit­coin, Ether rise; BNB leads gain­ers in top 10 cryp­to, fol­lowed by Solana

Fast facts

  • Bit­coin rose 0.7% in the past 24 hours to trade at US$19,564 at 8 a.m. in Hong Kong, while Ether dropped 0.1% to US$1,335, accord­ing to data from Coin­Mar­ket­Cap.

  • XRP surged 7.4% to change hands at US$0.48 after a U.S. Dis­trict Court Judge over­ruled the Secu­ri­ties and Exchange commission’s attempts to with­hold doc­u­ments in its court case against Rip­ple Labs Inc. — whose pay­ment net­work is pow­ered by XRP. The doc­u­ments were writ­ten by for­mer Divi­sion Direc­tor William Hin­man, relat­ing pre­dom­i­nant­ly to a speech he gave in which he argued that Bit­coin and Ether are not securities.

  • Solana was the only oth­er token to post whole per­cent­age point gains, ris­ing 2.2% to US$33.97. Doge­coin gained 0.2% to US$0.06 and BNB rose 0.7% to US$283.

  • U.S. equi­ties took a hit on Thurs­day. The Dow Jones Indus­tri­al Aver­age fell 1.5%, the Nas­daq Com­pos­ite Index dropped 2.8%, and the S&P 500 Index fin­ished the day down 2.1% to reach a new low for the year.

  • The broad-based sell-off was led by tech giant Apple Inc., which closed down 4.9% after the Bank of Amer­i­ca down­grad­ed the stock from “buy” to “neu­tral” as it sees weak­er con­sumer demand hurt­ing the company’s bot­tom line. Apple shares have fall­en 20% so far this year.

  • Mar­kets were also shak­en by news the U.S. has tech­ni­cal­ly entered a reces­sion accord­ing to one def­i­n­i­tion of the term, as the econ­o­my shrank by 0.6% in Q2 this year fol­low­ing a sim­i­lar con­trac­tion in Q1, accord­ing to the lat­est gross domes­tic prod­uct esti­mate from the Bureau of Eco­nom­ic Analy­sis released Thurs­day. U.S. Fed­er­al Reserve Chair Jerome Pow­ell has said the cen­tral bank will con­tin­ue to raise inter­est rates until a tar­get infla­tion rate of 2% is achieved, even if it risks push­ing the econ­o­my into a recession.

See relat­ed arti­cle: Scal­a­bil­i­ty is Ethereum’s post-Merge focus: Vita­lik Buterin

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