• XRP token surged over 90% on July 13 and reached a new yearly high of $0.91.
• Trading volume of XRP tokens on South Korean crypto exchange Upbit surpassed Bitcoin in the past 24 hours with $2.6 billion in trading volume.
• Ripple’s partial win against the US SEC was greeted with relief by the XRP community, but many cautioned it was only a partial victory.
XRP Surges Over 90%
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.
XRP Beats Bitcoin On Upbits
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 following Ripple’s partial win against the United States Securities and Exchange Commission (SEC) in its long-running court battle. The buying frenzy saw XRP account for 46% of all trading volume on Upbit, followed by Bitcoin with just 5%.
Relisting Of XRPs
Within hours of the court ruling, numerous U.S.-based crypto exchanges announced that they would be relisting XRPs including Coinbase, Kraken, OKEx and Gemini among others. The surge pushed up Ripple’s market cap to as much as $46 billion and helped other altcoins hit double-digit surges too.
Partial Victory For Ripple
On July 13 Judge Analisa Torres issued a summary judgment ruling that the XRP token is not a security when it comes to sales on digital asset exchanges; however this ruling refers only to such sales and does not set precedent for other cases or regulation outside of this specific matter according to lawyer Stephen Palley who noted that this may be appealed by the SEC eventually still .
Crypto Community Reacts To Win
The crypto community celebrated Ripple’s win which they described as a watershed moment; however some members also remained cautious about what this judgement truly meant for future regulations regarding cryptocurrency assets .