Bitcoin (BTC) shows resilience as it breaks $28,000 resistance on Wednesday despite Binance’s regulatory issue with the United States.
XRP, the token of the Ripple, also extended its gain for a second day to a five-month high.
On Tuesday, XRP had surged 8% to defy a market-wide decline following a U.S. Commodity Futures Trading Commission (CFTC) filing against prominent crypto exchange Binance.
At the time of writing this report, XRP is comfortably trading above 50 cents, data from CoinMarketCap shows. Analysts believe that the steady rise is partly due to some previous fundamental upgrade that has added more utility to the XRP ledger network.
Similarly, XRP also tapped bullish momentum from the CFTC case filed against Binance. According to the case, both Bitcoin and Ethereum were classified as commodities which means XRP tokens are classified as commodities as well.
Investors King understands that this is against the position of the U.S SEC which classified XRP as securities. XRP classification as a commodity could give the token a solid ground to win the case. A position many traders considered bullish.
Several other tokens including Ethereum, Matic and ADA also followed the wave and rose on Wednesday morning. As of the time of writing this report, Ethereum is up by 5%, Matic gained 8.7% and ADA jumped by 11.3%.
While XRP leads the pack of the top 10 largest coins with a 19.70% gain, Cardano posted the second-largest gain among the top 10 non-stablecoin cryptocurrencies.
Meanwhile, according to Coinglass, more than 1,500 Bitcoin at a value of $20 million were liquidated as the flagship cryptocurrency regained momentum.
However, bitcoin faces a serious hurdle crossing the $30,000 mark where analysts believe there is a major psychological resistance. This means that many traders are waiting to take profit at the $30,000 level.