Following a court decision, XRP jumps over 68% and Bitcoin reaches over $31,000

The entire market capitalization of all cryptocurrencies increased by 6.3% to $1.26 trillion on Monday with heavier trading in the cryptocurrency space. Ethereum (ETH) was trading above the 2,000 mark while Bitcoin (BTC) increased by 3% to $31,341. The XRP token from Ripple, meanwhile, increased by nearly 68% to $0.7949. Thursday's judgement by a US District Judge that Ripple Labs did not break the law by selling its XRP token on open exchanges drove the price of the token surging by as much as 68% in the last 24 hours. Following a federal judge's ruling in the SEC action against Ripple Labs, which was viewed as a success for the sector in terms of defining securities, cryptocurrency prices increased. The strength of the cryptocurrency market was further strengthened by the falling US dollar index (DXY). A drop in the DXY typically coincides with a rise in investor optimism for assets like Bitcoin. In the past day, other tokens with SEC attention, such as Cardano and Solana, witnessed significant rises of about 31% and 26%, respectively. DeFi presently accounts for $4.07 billion in total volume, or 5.85% of the 24-hour volume of the entire crypto market. All stablecoin volume is currently $61.56 billion, or 88.58% of the 24-hour volume of the whole crypto market. The market capitalization of Bitcoin, the biggest cryptocurrency in the world, surpassed the $600 billion threshold on Friday. According to CoinMarketCap, the market share of Bitcoin is currently 48.49%, a drop of 1.42% from the previous day. BTC volume increased by 75.6 percent over the previous day, reaching over $25.72 billion. These market gains were brought about by a US court decision that favours Ripple to some extent. According to the court, the exchange of XRP between ordinary investors cannot be referred to as a "securities" sale. Although the SEC has maintained its opposition to the decision and will probably reappeal, generally this has created a strong precedent for the industry and led to a significant increase in prices.