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Trading volume of XRP (XRP) tokens on the South Korean crypto change Upbit has surpassed Bitcoin (BTC) in the previous 24 hours. The XRP/KRW trading pair noticed $2.6 billion in trading volume in the final 24 hours following Ripple’s partial win in opposition to the USA Securities and Alternate Fee (SEC) in its long-running court docket battle.
The XRP shopping for frenzy noticed the token account for 46% of all trading volume on Upbit, adopted by Bitcoin with simply 5% of the full share. XRP led the bullish momentum in the crypto market in the previous 24 hours, serving to different altcoins hit double-digit surges.
The shopping for frenzy was not simply restricted to South Korea. XRP worth noticed a 92% surge on July 13, reaching a brand new one-year excessive of $0.91. This surge helped XRP to climb to fourth place in the crypto market cap rankings. Inside hours of the court docket ruling, XRP’s market cap soared by as a lot as $21.2 billion to achieve a brand new yearly excessive of $46.1 billion.
Associated: Why is XRP price up today?
On July 13, Decide Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that the XRP token will not be a safety. Nonetheless, the ruling refers solely to the token’s gross sales on digital asset exchanges. The judgment was greeted with aid by the XRP neighborhood, because the SEC lawsuit filed in 2020 pressured a number of crypto exchanges in the U.S. to delist the XRP token. Coinbase, Kraken, OKX, Gemini and different exchanges have already announced relisting plans.
The crypto neighborhood celebrated the win, with many describing it as a watershed moment, whereas others cautioned it was solely a partial victory. Stephen Palley, a lawyer, famous that the abstract judgment is barely partial and that the ruling by Torres might not set a precedent. He additionally reminded the crypto neighborhood that the SEC might very nicely enchantment the judgment.
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