Ethereum Hits $2,000 for First Time Since May Following XRP Ruling

The broader cryptocurrency market is showing green almost across the board today following a U.S. federal judge’s ruling that XRP should not be considered a security in certain contexts. That momentum has propelled Ethereum, the second-largest cryptocurrency by market cap, over $2,000 for the first time in over two months.

Ethereum traded as high as $2,009 this afternoon, per data from CoinGecko, but has dipped slightly to a current price of $1,985 as of this writing. That’s a 5% rise over the past 24 hours, and a 14% gain over the last month.

The last time that Ethereum traded above $2,000 was on May 5, according to CoinGecko. Ethereum briefly popped above $2,100 in April, but other than those two brief time periods, ETH has remained under the $2,000 threshold over the last 11 months.

Even with today’s climb, Ethereum remains down 59% from its peak price point of $4,878 set at the peak of the cryptocurrency market in November 2021.

Ethereum is far from the only cryptocurrency or token to benefit from the momentum generated by the XRP ruling, which has propelled XRP’s own price by 81% over the last 24 hours.

Altcoins like Solana, Polygon, and Cardano have each seen double-digit gains today, with Cardano and Polygon both up about 20% apiece. Bitcoin, by comparison, is only up about 2% today as of this writing, but briefly hit $31,444—its highest price in more than a year.

Broadly, the entire cryptocurrency market is up about 5% over the past 24 hours, per CoinGecko.