XRP Surpasses Bitcoin on Upbit: Records $2.6 Billion in 24-Hour Trading Volume

XRP, the digital asset associated with Ripple, has achieved a remarkable milestone on the popular South Korean cryptocurrency exchange Upbit. In the past 24 hours, the XRP/KRW trading pair recorded a staggering $2.6 billion in trading volume, surpassing Bitcoin (BTC) on the platform. This surge in trading activity can be attributed to Ripple’s recent legal victory against the United States Securities and Exchange Commission (SEC).

The demand for XRP tokens created a buying frenzy, accounting for 46% of the total trading volume on Upbit, while Bitcoin only captured 5% of the market share. XRP’s bullish momentum not only propelled its own value but also contributed to double-digit price increases for various other altcoins.

The surge in XRP’s popularity was not limited to South Korea alone. On July 13, the token experienced a remarkable 92% price surge, reaching a new one-year high of $0.91. This surge catapulted XRP from seventh place to fourth place in terms of market capitalization. In just a matter of hours following the court ruling, XRP’s market cap skyrocketed by an impressive $21.2 billion, reaching a new yearly high of $46.1 billion.

The favorable court ruling by Judge Torres declared XRP as not being a security. However, it’s important to note that the ruling specifically applies to the token’s sales on digital asset exchanges. Nevertheless, the XRP community welcomed the decision, as the SEC lawsuit filed in 2020 had led several crypto exchanges in the United States to delist XRP. Prominent exchanges such as Coinbase, Kraken, OKX, and Gemini have already announced their plans to relist the token.

While the crypto community celebrated this legal victory as a significant moment, some caution that it is only a partial triumph for now. Lawyer Stephen Palley pointed out that the summary judgment is limited in scope and may not set a binding precedent. He also reminded the community that the SEC could potentially appeal the ruling, leaving the final outcome still uncertain.

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