Trading volume of XRP (XRP) tokens on South Korean crypto exchange Upbit has surpassed that of Bitcoin (BTC) over the past 24 hours. The XRP/KRW trading pair has seen trading volume of $2.6 billion over the past 24 hours after Ripple clinched a partial victory against the US Securities and Exchange Commission (SEC) in its long-running court battle.
The XRP buying frenzy resulted in the token accounting for 46% of the total trading volume on Upbit, followed by Bitcoin with just 5% of the total. XRP has been leading the bullish momentum in the crypto market over the past 24 hours, helping other altcoins post double-digit gains.
24-hour trading volume on Upbit, Source: CoinGecko
The spending spree was not just limited to South Korea. XRP price surged 92% on July 13 to hit a new one-year high of $0.91. This surge helped XRP climb to fourth place in the crypto market cap rankings. Within hours of the court ruling, XRP’s market cap surged by as much as $21.2 billion, hitting a new yearly high of $46.1 billion.
Related: Why is the XRP price up today?
On July 13, Judge Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security. However, the ruling only applies to the sale of the token on digital asset exchanges. The ruling was met with relief by the XRP community as the SEC lawsuit filed in 2020 forced several crypto exchanges in the US to delist the XRP token. Coinbase, Kraken, OKX, Gemini and other exchanges have already announced plans to relist.
The crypto community celebrated the victory. Many called it a turning point, while others warned it was only a partial victory. Stephen Palley, an attorney, noted that the summary judgment is only partial and that Torres’ judgment may not set a precedent. He also reminded the crypto community that the SEC may well appeal the ruling.
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