An unprecedented occurrence was witnessed on one of South Korea’s largest crypto exchanges, Upbit, with the trading volume of XRP surpassing that of Bitcoin (BTC). The XRP/KRW trading pair registered a whopping $2.6 billion in trading volume in 24 hours due to a recent verdict in Ripple’s ongoing court battle with the U.S. Securities and Exchange Commission (SEC).
XRP experienced a buying frenzy, accounting for 46% of the total trading volume on Upbit. Bitcoin followed, but it was significantly lower – only 5% of the total. This unexpected bullishness of XRP in the crypto market helped spur the prices of several other altcoins.
It was not solely a South Korean phenomenon, with the XRP price making an enormous leap of 92% on July 13, reaching a new annual peak of $0.91. This achievement nudged XRP from the seventh to the fourth position in the market cap rankings. The XRP token’s market cap rocketed as the court decision was pronounced, soaring by $21.2 billion to reach a new annual high of $46.1 billion.
This surge got connected with Judge Torres’ ruling on July 13, decreeing that the XRP $0.79 token is not a security. The judgement, which only refers to the token’s sales on digital asset exchanges, was greeted with relief by the XRP community. This decision marked the end of a dark phase for XRP that had seen it delisted from several U.S. cryptocurrency exchanges following the SEC’s suit in 2020.
However, while the pronouncement was celebrated by some as a watershed moment, others have cautioned that it is only an initial victory, and further battles may lie in the future. Legal expert Stephen Palley noted that this summary judgement was only partial, suggesting that it’s not yet a definitive judgment. He also pointed out that the SEC may appeal, meaning that this may not be the end of the road for this case.
All in all, the market’s reaction to the favorable court decision for the XRP token was undeniably positive. Yet, there still linger uncertainties concerning the final conclusion of Ripple’s court battle with the SEC. The question remains will XRP continue this newfound bullishness or return to its pre-court decision trading volumes when the cheers quiet down. The crypto world watches with bated breath.
Source: Cointelegraph
