Ripple’s XRP Surges 90% as Upbit Trading Volume Tops Bitcoin
• Ripple’s XRP token surged over 90% on July 13, reaching a new yearly high of $0.91 and helping other altcoins hit double-digit surges.
• Trading volume of XRP tokens on the South Korean crypto exchange Upbit has surpassed Bitcoin in the past 24 hours.
• On July 13, Judge Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security.
XRP Surges After Partial Win Against SEC
Ripple’s XRP token saw a massive surge on July 13 following a partial win in its long-running court battle with the United States Securities and Exchange Commission (SEC). The buying frenzy saw the token reach a new yearly high of $0.91, while helping other altcoins hit double-digit gains.
XRP Trading Volume Surpasses Bitcoin
Trading volume of XRP tokens on the South Korean crypto exchange Upbit has surpassed Bitcoin 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 XRP buying frenzy saw it account for 46% of all trading volume on Upbit, followed by Bitcoin with just 5% of total share.
Judge Rules That XRP Is Not A Security
On July 13, Judge Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security according to US Securities Law standards set forth by Howey Test and Reves v Ernst & Young case law. This ruling was greeted with relief by the crypto community as several major exchanges within US had delisted or paused trading for XRP due to fear of SEC enforcement actions against them for listing an unregistered security . Coinbase, Kraken, OKX, Gemini and other exchanges have already announced relisting plans after this favorable ruling from judge Torres’s court .
Partial Victory For Ripple
The crypto community celebrated this partial victory for Ripple but many reminded others that it may be only temporary as SEC may very well appeal this ruling before final verdict is pronounced by higher court . Stephen Palley , lawyer noted that this summary judgment is only partial and it may not necessarily set precedent . He further said that despite this favorable ruling , it won’t necessarily mean that future rulings will also go in favor of company if similar cases are brought up against them again .
Although some positive news from courts can send prices surging temporarily , investors should always be cautious when investing into digital assets as legal landscape around cryptocurrencies remains uncertain . With more clarifications expected from regulatory bodies such as SEC , we can expect more clarity about which digital assets are considered securities under US laws going forward .