Upbit exchange saw a $2.6B rise in the trading volume o XRP tokens in the last 24 hours, surpassing that of Bitcoin. The rise is due to Ripple’s partial victory in the long-drawn SEC court battle
In the past 24 hours, the trading volume of XRP tokens on the South Korean cryptocurrency exchange Upbit has surpassed that of Bitcoin (BTC).
The XRP/KRW trading pair saw a 24-hour trading volume of $2.6 billion due to Ripple’s partial victory against the United States Securities and Exchange Commission (SEC) in its protracted court battle.
The XRP token accounted for 46% of all trading volume on Upbit, while Bitcoin accounted for only 5% of the total volume. The XRP token has led the crypto market’s bullish momentum in the past twenty-four hours, enabling several altcoins to increase by double digits.
The token purchasing frenzy was not limited to South Korea. The price of XRP increased by 92% on July 13, reaching a new yearly high of $0.91. This surge propelled XRP from seventh to fourth place in market capitalization.
Within hours of the court’s decision, the XRP token’s market capitalization surged by up to $21.2 billion to a new yearly high of $46.1 billion.
On July 13, Judge Torres ruled that the XRP token is not a security, issuing a summary judgment in favor of Ripple Labs. Nonetheless, the decision refers to token transactions on digital asset exchanges.
The XRP community was relieved by the verdict, as the SEC lawsuit filed in 2020 forced several U.S. crypto exchanges to delist the XRP token. Coinbase, Kraken, OKEx, and Gemini have already announced their relisting intentions.
Many crypto community members hailed the triumph as a watershed moment, while others cautioned that it was only a partial victory so far. Stephen Palley, an attorney, remarked that the summary judgment is only partial and that Judge Torres’ decision may not establish a precedent.
In addition, he reminded the crypto community that the SEC could very well appeal the verdict.
