Bitcoin surged past the $31,000 resistance level on Friday after Ripple Labs won a partial victory in its three-year legal battle against the US Securities and Exchange Commission (SEC). The SEC had accused Ripple of offering XRP as an unregistered security. Other top 10 non-stablecoin cryptocurrencies, including Ether, also saw significant gains.

XRP has won a court case and been declared "not a security," leading to a sudden change in sentiment towards altcoins. While the ruling only applies to the Ripple case, it could have a lasting impact on the rest of the cryptocurrency space and potentially spark an altcoin season.

Cryptocurrency prices are on the rise again, with Bitcoin nearing $32,000 per coin and XRP experiencing a 100% intraday rally. This sudden change could be part of a perfect storm brewing in the crypto market, leading to a dramatic recovery and new all-time highs.

Following Ripple Labs' partial victory over the SEC on July 13, Ripple (XRP) has become the fourth largest cryptocurrency by market capitalization. XRP's market cap surged by $21.2 billion to reach a new yearly high of $46.1 billion, pushing it up from the 7th position.

Coinbase has announced that it will relist XRP on the XRP network, subject to liquidity requirements being met. Trading of XRP is expected to begin later today, with Coinbase planning to launch trading on its XRP USD, XRP USDT, and XRP EUR trading pairs in stages. This decision comes after XRP was delisted from Coinbase in January 2021 due to concerns surrounding its security and regulatory status. However, a recent court ruling has clarified that XRP does not meet the definition of a security according to the SEC's guidelines, paving the way for Coinbase to reinstate trading activities for XRP. While this is a positive development for XRP users and signifies increased adoption potential, it is important to note that XRP remains a highly fluctuating form of cryptocurrency and investors should carefully consider associated risks before investing.

According to attorney John Deaton, the release of the Hinman documents makes it impossible for the SEC to argue that Ripple executives Brad Garlinghouse and Chris Larsen were reckless in distributing XRP.

According to Ripple's 2023 New Value Report, over 90% of finance industry leaders believe that blockchain and digital assets will have a significant impact on business, finance, and society in the next three years.

According to @MasonVersluis , XRP has been quietly RELISTED on Canadian exchange Bitbuy.

Ripple has submitted a written evidence document to the U.K. parliament discussing the potential benefits of XRP and other cryptocurrencies to the country's economic and financial standing. The document highlights the efforts at communication between Ripple and the U.K. government regarding crypto adoption and acknowledges the U.K.'s existing fintech success, infrastructure, and talent.

XRP's price is currently at a critical point that will determine whether it will break out or experience a sell-off. While Bitcoin and Ethereum are experiencing gains, XRP is only up by 0.1%.

Blockchain security firm CertiK has conducted a security audit on Ripple's XLS-30d, an automated market maker developed on top of the XRP Ledger, and confirmed its adherence to high-security standards.

Crypto Eri, a top XRP influencer, has announced the upcoming XRP Gold Coast 2024 Conference on Twitter, inviting the wider crypto community to attend. The conference, themed "A Wave of Innovation," will feature discussions, presentations, and workshops on the latest advancements in the XRPL and XRP ecosystem.

Ripple's CTO, David Schwartz, has given a possible timeline for the summary judgment decision in the ongoing SEC v. Ripple lawsuit. He expects Judge Analisa Torres to issue her decision on or before the end of September 2023, which has caused frustration within the XRP community.

The Ripple vs. SEC legal battle has been ongoing for 931 days, with the community eagerly awaiting a ruling. Attorney John E Deaton, representing XRP holders, recently took to Twitter to shed light on the prolonged timeline and dispel speculations surrounding the case.

Market analysts have identified a buy signal for XRP, with crucial support and resistance levels highlighted. The TD Sequential indicator has presented a buy signal for XRP on the 3-day chart, indicating a potentially favorable opportunity for investors.

XRP's social dominance has risen, indicating a possible recovery, but further on-chain data is required for a price increase. Despite struggling to recover from a prolonged decline, emerging market trends suggest a potential turnaround for XRP.

John Deaton, a prominent Ripple supporter and founder of Crypto-Law.US, criticized the regulatory environment provided by the US Securities and Exchange Commission (SEC) for crypto companies in a recent Twitter exchange. The XRP community, along with Attorney Bill Morgan and Deaton, expressed concerns about the delay in Judge Torres' ruling, according to CoinGape.

According to a report by Bank of America (BofA), Ripple is an exception to the relatively modest impact that blockchain has had on international payments systems, particularly in the Asia Pacific (APAC) region.

Despite the volatility of the market, on-chain data shows that wealthy XRP investors have continued to accumulate large amounts of XRP since late February. These investors have been persistently amassing more XRP tokens, with large whale investors accumulating 1.1 billion XRP tokens since late February, worth around $570 million.

The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. Short-term traders can trade within the XRP range, while those looking to build a long position can do so in the $0.46 region.