In a significant development, the trading volume of XRP tokens on South Korean crypto exchange Upbit has exceeded that of Bitcoin (BTC) within a 24-hour period. This surge in trading activity comes after Ripple’s partial victory against the United States Securities and Exchange Commission (SEC) in a long-standing court battle.
The XRP/KRW trading pair recorded an impressive $2.6 billion in trading volume on Upbit within the past 24 hours, primarily driven by Ripple’s legal win. XRP accounted for 46% of all trading volume on Upbit, while Bitcoin only represented 5% of the total share. The bullish momentum of XRP also had a positive impact on various other altcoins, causing double-digit price increases.
The buying frenzy for XRP was not limited to South Korea alone. On July 13, XRP experienced a remarkable surge of 92%, reaching a new one-year high of $0.91. Consequently, XRP climbed from the seventh position to fourth place in terms of market capitalization. Shortly after the court ruling, XRP’s market cap skyrocketed by $21.2 billion, reaching a new yearly high of $46.1 billion.
The recent favorable verdict came from Judge Torres, who ruled in favor of Ripple Labs. The judgment clarified that the XRP token does not qualify as a security, specifically referring to its sales on digital asset exchanges. This decision brought relief to the XRP community, as the SEC lawsuit led several U.S. cryptocurrency exchanges to delist XRP. However, Coinbase, Kraken, OKX, and Gemini have already announced plans to relist the token. While some celebrated this outcome as a watershed moment, others cautioned that it represents only a partial victory. Lawyer Stephen Palley emphasized that the ruling does not establish a binding precedent and highlighted the possibility of an appeal from the SEC.
The impact of this event extends beyond its immediate implications. The XRP price surge on July 13 and the subsequent market capitalization increase marked a significant milestone for XRP and the overall cryptocurrency market. This moment in history has been deemed important enough that some are even considering preserving it as an NFT (non-fungible token). Overall, this development signifies the growing influence and adoption of Ripple’s XRP token in the crypto space.
In conclusion, XRP’s trading volume surpassing Bitcoin’s on Upbit following a favorable court verdict showcases the growing strength of the XRP ecosystem. While the outcome of the SEC case is not yet definitive, this partial victory has rejuvenated the XRP community and instilled optimism regarding the future of the token.