Bitcoin surged past the $31,000 resistance level on Friday after Ripple Labs won a partial victory in its three-year legal battle against the US Securities and Exchange Commission (SEC). The SEC had accused Ripple of offering XRP as an unregistered security. Other top 10 non-stablecoin cryptocurrencies, including Ether, also saw significant gains.

However, the ruling could set a precedent for legal action against other cryptocurrencies by regulators, and institutional investors who bought directly from Ripple may face class-action litigation as potential underwriters. Traders are reportedly preparing for the possibility of products tracking multiple cryptocurrencies.