XRP Trading Volume Surpasses Bitcoin on Upbit
The trading volume of XRP (XRP) tokens on South Korean crypto exchange Upbit has surpassed Bitcoin (BTC) in the past 24 hours. The XRP/KRW trading pair saw $2.6 billion in trading volume, which was driven by Ripple’s partial win against the United States Securities and Exchange Commission (SEC) in its long-running court battle. XRP accounted for 46% of all trading volume on Upbit, while Bitcoin only made up 5% of the total share.
The XRP buying frenzy was not limited to South Korea. XRP price saw a 92% surge on July 13, reaching a new one-year high of $0.91. This surge propelled XRP to fourth place in the crypto market cap rankings, and its market cap soared by as much as $21.2 billion to reach a new yearly high of $46.1 billion.
On July 13, Judge Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security. This judgment was welcomed by the XRP community, as the SEC lawsuit filed in 2020 had forced several crypto exchanges in the U.S., such as Coinbase, Kraken, OKX, Gemini and others, to delist the XRP token. These exchanges have already announced their plans to relist XRP.
The crypto community rejoiced at the win, with many hailing it as a milestone, while others warned it was only a partial victory. Stephen Palley, a lawyer, pointed out that the summary judgment is only partial and that the ruling by Torres may not set a precedent. He also cautioned the crypto community that the SEC might appeal the judgment.
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