On Wednesday, XRP took the lead in a cryptocurrency rally, driving the global market capitalization of the entire sector up by 1% to reach $1.13 trillion.
According to CoinGecko, the token issued by Ripple saw a surge of approximately 5% to $0.53 at 3:00 p.m. ET. This increase followed a U.S. federal judge’s rejection of the Securities and Exchange Commission’s attempt to appeal a partial loss in an ongoing case against Ripple.
Additionally, XRP received a boost after Ripple announced that its Singapore subsidiary, Ripple Markets APAC, had obtained a payment license to operate in the city-state.
The SEC’s Bid to Appeal XRP Case Fails
In a concise ruling on Tuesday, District Judge Analisa Torres concluded that the SEC failed to show that the appeal would significantly accelerate the resolution of the legal proceedings.
Judge Torres issued an order at the U.S. District Court for the Southern District of New York, stating, “For the reasons outlined above, the SEC’s motion for certification of an interlocutory appeal is hereby DECLINED, and the SEC’s request for a stay is DECLINED as it is no longer relevant.”
The judge has set a trial date for April to address any remaining matters in the case, leaving open the possibility for the SEC to pursue an appeal of the entire case after this trial.
The Cryptocurrency Landscape in October and November
Bitcoin, often considered the primary gauge of cryptocurrency market sentiment, has traditionally exhibited a tendency for lackluster performance in September. However, Sergei Gorev, YouHodler’s Risk Manager, noted that “Bitcoin displayed notable strength this September, posting a gain of more than 3% in value.”
Gorev further emphasized that “the cryptocurrency market tends to exhibit its strongest performance in November, with October being the second most robust month of the year.”
As of Wednesday, the largest cryptocurrency by market capitalization was trading at $27,716, marking a 1.4% increase in the last 24 hours. BTC seems to have established stability at this level after experiencing a drop below the $28,000 support earlier in the week.
Meanwhile, Ether experienced a slight 0.2% decline in the past 24 hours, struggling to maintain a position above the $1,700 threshold.