Ripple (XRP) tokens have surpassed Bitcoin (BTC) in trading volume on South Korean cryptocurrency exchange Upbit over the past 24 hours. The XRP/KRW trading pair saw $2.6 billion in trading volume over the past 24 hours after Ripple partially won its long-running court case with the U.S. Securities and Exchange Commission (SEC).
The XRP buying frenzy saw the token account for 46% of all transactions on Upbit, followed by Bitcoin with just 5% of the total share. XRP has led the crypto market’s bullish momentum over the past 24 hours, helping other altcoins post double-digit surges.
The buying frenzy is not limited to South Korea. XRP prices surged 92% on July 13 to hit a new one-year high of $0.91. The surge helped XRP climb to fourth place in the cryptocurrency market capitalization rankings. In the hours following the court’s ruling, XRP’s market capitalization surged by $21.2 billion to a new yearly high of $46.1 billion.
related: Why is the XRP price going up today?
On July 13, Judge Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that XRP tokens are not securities. However, the ruling only concerns the sale of tokens on digital asset exchanges. The verdict comes as a relief to the XRP community, as a 2020 SEC lawsuit forced several U.S. cryptocurrency exchanges to delist the XRP token. Exchanges such as Coinbase, Kraken, OKX, and Gemini have all announced plans to relaunch.
The cryptocurrency community celebrated the victory, with many describing it as a watershed moment, while others warned it was only a partial victory. Attorney Stephen Parley noted that summary judgment is only one-sided and that Torres’ ruling may not set a precedent. He also reminded the crypto community that the SEC is likely to appeal the verdict.
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