Trading volume of XRP (XRP) tokens on the 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 in the last 24 hours following Ripple’s partial win against the United States Securities and Exchange Commission (SEC) in its long-running court battle.
The XRP buying frenzy saw the token account for 46% of all trading volume on Upbit, followed by Bitcoin with just 5% of the total share. XRP led the bullish momentum in the crypto market in the past 24 hours, helping other altcoins hit double-digit surges.
24 hour trading volume on Upbit, Source: CoinGecko
The buying frenzy was not just limited to South Korea. XRP price saw a 92% surge on July 13, reaching a new one-year high of $0.91. This surge helped XRP to climb to fourth place in the crypto market cap rankings. Within hours of the court ruling, XRP’s market cap soared by as much as $21.2 billion to reach a new yearly high of $46.1 billion.
Related: Why is XRP price up today?
On July 13, Judge Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security. However, the ruling refers only to the token’s sales on digital asset exchanges. The judgment was greeted with relief by the XRP community, as the SEC lawsuit filed in 2020 forced several crypto exchanges in the U.S. to delist the XRP token. Coinbase, Kraken, OKX, Gemini and other exchanges have already announced relisting plans.
The crypto community celebrated the win, with many describing it as a watershed moment, while others cautioned it was only a partial victory. Stephen Palley, a lawyer, noted that the summary judgment is only partial and that the ruling by Torres may not set a precedent. He also reminded the crypto community that the SEC may very well appeal the judgment.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: How smart people invest in dumb memecoins — 3-point plan for success