The trading volume of XRP tokens on the South Korean crypto exchange Upbit has surpassed that of Bitcoin (BTC) in the past 24 hours. The XRP/KRW trading pair saw $2.6 billion in trading volume in the last 24 hours owing to Ripple’s partial win against the United States Securities and Exchange (SEC) Commission in its long-drawn court battle.
The buying frenzy for XRP saw the token account for 46% of all trading volume on Upbit followed by Bitcoin with just 5% of the total share. XRP token led the bullish momentum in the crypto market in the past 24 hours helping several other altcoins to rise in double digits.
The buying frenzy for the token was not limited to South Korea. The XRP price saw an 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 market cap ranking from seventh position. Within hours of the court ruling, the XRP token’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 Torres gave a summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security. However, the ruling refers 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. The likes of Coinbase, Kraken, OKX and Gemini have already announced relisting plans.
The crypto community celebrated the win, with many describing it as a watershed moment, while others cautioned that it was only a partial victory so far. Stephen Palley, a lawyer, noted that the summary judgment is only partial and that the ruling by Judge Torres may not set a precedent. He also reminded the crypto community that the SEC may very well appeal against the judgment.
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