The price of Ether (ETH), a cryptocurrency, is now above $2,000, the highest level in three months. This comes after a U.S. Court ruled that Ripple XRP tokens sold on exchanges or through algorithms do not qualify as investment contracts.

During the morning Asian hours, the second-largest cryptocurrency in terms of market capitalization was up 7.4% to $2,010. After the Ripple/SEC ruling, various layer-1 tokens such as Solana’s SOL (which has been accused of being a securities by the SEC) also saw double-digit gains.

In the last 24 hour, SOL jumped by 33.8%. MATIC grew by 19.5%. Cardano’s ADA grew 25%. Stellar’s XLM soared 52.2%.

In the last 24 hour, Lido DAO’s governance token (LDO), which measures crypto market performance, was up by 25%. The CoinDesk Market Index, a measure for the performance of crypto markets, rose 7.2%.

Bitcoin (BTC), which is currently trading at $31,424, has also surpassed its one-year high. Ripple’s cryptocurrency XRP almost doubled in value after the ruling. It was trading at 78 cents, 66% higher than its previous high.

According to Coinglass data, in the past 12 hours, traders who held short positions worth $203 million were liquidated.

Read more about Ripple and Crypto Industry score partial win in SEC court fight over XRP

UPDATE: (July 14, 06.00 UTC). Updates the headline and adds links.

Parikshit Miishra is the editor.