XRP tops Bitcoin on Upbit with $2.6B of trading volume in 24 hours
Trading volume of XRP (XRP) tokens on the South Korean crypto exchange Upbit has gone beyond Bitcoin (BTC) in the past 24 hours. The XRP/KRW trading pair saw $2.6 billion in trading volume in the last 24 hours following Ripples partial win against the United States Securities and Exchange Commission (SEC) in its long-running court battle.The XRP purchasing frenzy saw the token represent 46% of all trading volume on Upbit, followed by Bitcoin with simply 5% of the overall share. XRP led the bullish momentum in the crypto market in the past 24 hours, assisting other altcoins struck double-digit rises.24 hour trading volume on Upbit, Source: CoinGeckoThe buying frenzy was not just restricted to South Korea. XRP cost saw a 92% surge on July 13, reaching a brand-new one-year high of $0.91. This surge helped XRP to reach fourth place in the crypto market cap rankings. Within hours of the court judgment, XRPs market cap soared by as much as $21.2 billion to reach a brand-new annual high of $46.1 billion.Related: Why is XRP rate 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. The ruling refers just to the tokens sales on digital possession exchanges. The judgment was welcomed with relief by the XRP neighborhood, as the SEC suit filed in 2020 forced several crypto exchanges in the U.S. to delist the XRP token. Coinbase, Kraken, OKX, Gemini and other exchanges have actually currently announced relisting plans. The crypto community commemorated the win, with many explaining it as a watershed minute, while others warned it was just a partial victory. Stephen Palley, an attorney, noted that the summary judgment is only partial which the judgment by Torres may not set a precedent. He also advised the crypto community that the SEC might really well appeal the judgment.Collect this short article as an NFT to maintain this moment in history and reveal your support for independent journalism in the crypto space.Magazine: How clever people buy dumb memecoins– 3-point prepare for success
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Other Questions People Ask
What caused XRP to top Bitcoin on Upbit with $2.6B of trading volume in 24 hours?
The surge in XRP's trading volume on Upbit, surpassing Bitcoin, was primarily driven by Ripple's partial victory against the SEC. Following the court ruling, XRP saw a significant buying frenzy, leading to a remarkable $2.6 billion in trading volume within just 24 hours. This event not only boosted XRP's market cap but also instigated a bullish trend across the crypto market.
How did XRP's trading volume impact the overall crypto market after topping Bitcoin on Upbit?
XRP's impressive trading volume of $2.6 billion on Upbit had a ripple effect on the broader crypto market, contributing to double-digit gains for many altcoins. With XRP representing 46% of Upbit's total trading volume, its bullish momentum helped reinvigorate investor interest in cryptocurrencies. This surge in activity indicates a renewed confidence in the market following Ripple's legal win.
What does the recent XRP trading volume on Upbit mean for its future?
The recent spike in XRP's trading volume on Upbit suggests a strong recovery and potential for future growth, especially after the favorable court ruling. As XRP regained its position among the top cryptocurrencies, it also attracted attention from major exchanges planning to relist it. However, the community remains cautious, as the SEC may still appeal the ruling, which could impact XRP's trajectory moving forward.
Why is XRP's price surging alongside its trading volume on Upbit?
XRP's price surge, which reached a one-year high of $0.91, is closely tied to its unprecedented trading volume on Upbit. The excitement surrounding Ripple's legal victory has fueled investor enthusiasm, leading to increased demand for XRP. This combination of high trading activity and positive sentiment has positioned XRP favorably within the crypto market.