XRP tops Bitcoin on Upbit with $2.6B of trading volume in 24 hours

In the past 24 hours, the trading volume of XRP tokens on the South Korean cryptocurrency exchange Upbit has surpassed that of Bitcoin. This surge in trading volume comes after Ripple's partial victory against the United States Securities and Exchange Commission (SEC) in its ongoing court battle.

The XRP/KRW trading pair on Upbit recorded $2.6 billion in trading volume within the last 24 hours. XRP accounted for 46% of the total trading volume on Upbit, while Bitcoin only represented 5%. XRP's strong performance has led to bullish momentum in the cryptocurrency market, resulting in double-digit surges for other altcoins.

This buying frenzy was not limited to South Korea alone. On July 13, the price of XRP surged by 92%, reaching a new one-year high of $0.91. As a result, XRP climbed to the fourth position in the cryptocurrency market cap rankings. Following the court ruling, XRP's market cap skyrocketed by $21.2 billion, reaching a new yearly high of $46.1 billion.

On the same day, Judge Analisa Torres issued a summary judgement in favour of Ripple Labs, declaring that the XRP token is not a security. However, it's important to note that this ruling specifically applies to the token's sales on digital asset exchanges. The XRP community welcomed the judgement as it relieved the pressure caused by the SEC lawsuit, which led to several U.S. crypto exchanges delisting XRP. Exchanges like Coinbase, Kraken, OKX, Gemini, and others have already announced their plans to relist XRP.

While the crypto community celebrated this victory as a significant moment, some cautioned that it was only a partial win. Lawyer Stephen Palley pointed out that the summary judgement is limited and may not set a precedent. He also reminded the community that the SEC could potentially appeal the judgement.