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Crypto market soars on XRP ruling, Bitcoin hits highest price in 13 months

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The crypto market surged higher on Thursday after XRP was deemed to not be a security by a U.S. court judge. Bitcoin climbed to $31,700, its highest price since June 2022.

- Cryptocurrency prices surged higher on Thursday after the judge presiding over the Securities and Exchange Commission’s lawsuit against Ripple Labs ruled that the XRP token is not a security.

Stocks also climbed higher after the latest producer price data provided additional evidence that inflation is cooling, while a strong start to earnings season showed that companies have been performing stronger than analysts expected. At the close of markets, the S&P, Dow and Nasdaq all finished in the positive, up 0.85%, 0.14%, and 1.58%, respectively.

It looks as though the XRP judgment may have given bulls the momentum they needed as BTC hit its highest price since June 2022 on Thursday afternoon, and looks to continue its climb on the back of a growing number of positive developments.

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