Altcoin XRP has surpassed Bitcoin on Upbit with a trading volume of $2.6 billion in 24 hours. The rise is indeed remarkable. However, since it is after the decision, everyone knows very well the real reason for the rise.
Altcoin XRP rises sharply
Ripple’s XRP token has achieved a partial win in the long-running court battle with the SEC. After that, it increased by more than 90% on 13 July. It also reached the highest level of the year with $ 0.91.
XRP has surpassed Bitcoin on South Korean crypto exchange Upbit in the last 24 hours. Accordingly, the XRP/KRW trading pair has seen $2.6 billion in trading volume in the last 24 hours after Ripple’s partial win against the United States Securities and Exchange Commission (SEC) in the long-running court battle.
buying frenzy
The XRP buying spree accounted for 46% of the token’s entire trading volume on Upbit. He saw Bitcoin trailing him with only 5% of the total share. XRP has led the bullish momentum in the crypto market over the past 24 hours. Accordingly, it helped other altcoins reach double-digit gains.
The buying spree was not limited to South Korea. XRP price gained 92% on July 13. Accordingly, it reached the highest level of the last year, at $ 0.91. This increase helped XRP climb to fourth place in the crypto market capitalization rankings. A few hours after the court decision, XRP’s market cap increased by as much as $21.2 billion. Accordingly, it reached a new year’s high of $46.1 billion.
Why did the XRP price rise?
On July 13, Judge Analisa Torres delivered a summary judgment in favor of Ripple Labs. Accordingly, she ruled that the XRP token is not a security. However, the decision only refers to the token’s sales on digital asset exchanges. The SEC lawsuit filed in 2020 forced several US crypto exchanges to delist the XRP token. Hence, the decision was met with relief by the XRP community. Coinbase, Kraken, OKX, Gemini, and other exchanges have already announced their relisting plans.
cryptocoin.com Overall, the crypto community celebrated the win. Also, many described it as a turning point. On the other hand, others warned that it was only a partial victory. Stephen Palley, a lawyer, stressed that the summary judgment is only partial. He also noted that the decision by Torres may not set a precedent. He also reminded the crypto community that the SEC could very well appeal the decision.
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