XRP Surges 90%, Trading Volume Tops Bitcoin on Upbit15. July 2023
•XRP token surged over 90% on July 13, reaching a new yearly high of $0.91.
• Trading volume of XRP tokens on the South Korean crypto exchange Upbit has surpassed Bitcoin in the past 24 hours.
• Ripple’s partial win against the US Securities and Exchange Commission (SEC) in its long-running court battle was greeted with relief by the crypto community.
Rise in XRP Trading Volume
Following a partial win in its long-running court battle with the SEC, Ripple’s XRP token surged over 90% on July 13, reaching a new yearly high of $0.91. Trading volume of XRP (XRP) tokens on the South Korean crypto exchange Upbit has surpassed Bitcoin (BTC) in the past 24 hours. The XRP/KRW trading pair saw $2.6 billion in trading volume in the last 24 hours, accounting for 46% of all trading volume on Upbit followed by Bitcoin with just 5%.
SEC Lawsuit Reaches Partial Conclusion
The buying frenzy was triggered after Ripple’s partial win against the United States Securities and Exchange Commission (SEC) in its long-running court battle. 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 only referring to sales on digital asset exchanges. The ruling was welcomed by members of the XRP community as previous SEC lawsuit had forced several crypto exchanges to delist it from their platform. Since then Coinbase, Kraken, OKX, Gemini and other exchanges have announced plans to relist it
Crypto Community Celebrates Victory
The crypto community celebrated this victory with many describing it as a watershed moment while others cautioned it was only a partial victory. Stephen Palley noted that although Judge Torres’ ruling may set some precedent for future cases it may still be appealed by SEC if necessary.. Following this news XRP’s market cap soared by as much as $21.2 billion to reach a new yearly high of $46.1 billion making it climb up to fourth place in terms of cryptocurrency market capitalization rankings .
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