Upbit XRP Trading Volume Surpasses Bitcoin as Ripple Wins

The 24-hour trading volume of XRP tokens on the South Korean cryptocurrency exchange Upbit has surpassed that of Bitcoin.

Following Ripple’s partial victory against the United States Securities and Exchange Commission (SEC) in its protracted court battle, the XRP/KRW trading pair experienced a 24-hour trading volume of $2.6 billion.

The XRP token accounted for 46% of all trading volume on Upbit, while Bitcoin accounted for only 5% of the total volume. XRP led the crypto market’s euphoric momentum over the past 24 hours, helping other altcoins achieve double-digit gains.

The purchasing frenzy was not confined to South Korea alone. The XRP price increased by 92% on July 13, reaching a new yearly peak of $0.91. This surge propelled XRP to the fourth position in terms of market capitalization among cryptocurrencies.

24 hour trading volume on Upbit, Source: CoinGecko

Within hours of the court’s decision, XRP’s market capitalization surged by up to $21.2 billion to a new yearly high of $46.1 billion. On July 13, Judge Analisa Torres ruled that the XRP token is not a security, issuing a summary judgment in favor of Ripple Labs.

However, the ruling only applies to token transactions on digital asset exchanges. The XRP community was relieved by the verdict, as the SEC lawsuit filed in 2020 forced several U.S. crypto exchanges to delist the XRP token.

Several exchanges, including Coinbase, Kraken, OKX, and Gemini, have already announced their relisting intentions. Many in the crypto community hailed the triumph as a watershed moment, while others cautioned that it was only a partial victory.

Stephen Palley, an attorney, remarked that the summary judgment is incomplete and that Torres’ decision may not establish a precedent. In addition, he reminded the crypto community that the SEC may appeal the ruling.