The crypto market saw a massive surge as the global market cap rose to $1.26 trillion after a US judge ruled that Ripple (XRP) is not a security on its face in a SEC case. This positive ruling boded well for other popular altcoins such as Dogecoin (DOGE), Solana (SOL) and Litecoin (LTC).

At the time of writing, the global crypto market cap stood at $1.26 trillion, registering 24-hour gains of 6.61 percent. Bitcoin (BTC) price was at $31,470.93, with a 24-hour jump of 3.87 percent. Ethereum (ETH) was trading at $2,010.21, with a 24-hour gain of 7.73 percent. Dogecoin (DOGE) price rose by 9.28 percent and was trading at $0.07082. Litecoin (LTC) had a 24-hour jump of 5.04 percent and was trading at $101.66. Ripple (XRP) saw a 24-hour increase of 67.81 percent and was priced at $0.7929. Solana (SOL) stood at $28.77, with a 24-hour gain of 33.59 percent.

The top five crypto gainers over the past 24 hours, according to CoinMarketCap data, were Ripple (XRP), Stellar (XLM), Solana (SOL), Lido DAO (LDO) and Cardano (ADA). The top five crypto losers over the past 24 hours were eCash (XEC), UNUS SED LEO (LEO), Bitcoin Cash (BCH), PAX Gold (PAXG) and Nexo (NEXO).

Mudrex co-founder and CEO Edul Patel commented that the current market sentiment looks bullish. Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said that the rally in prices was triggered by the court ruling in favour of Ripple. Rajagopal Menon, Vice President, WazirX, said that Ripple (XRP) and Stellar (XLM) were the top gainers in the last 24 hours. Sathvik Vishwanath, CEO and co-founder of Unocoin, said that XRP token saw a significant increase following a favourable ruling. Shivam Thakral, the CEO of BuyUCoin, said that the crypto market volume totaled $67.05 billion, representing a rise of 119.27 percent. CoinDCX Research Team commented that the crypto markets remain in a consolidation phase despite falling inflation in the US.

Overall, the market is seeing a surge due to the favourable court ruling in favour of Ripple.