As a seasoned crypto investor with a knack for spotting trends and a penchant for South Korean exchanges, I must say the recent turn of events in the Ripple-SEC saga has me grinning from ear to ear. The court ruling, while not entirely in Ripple’s favor, was certainly a step towards clarity, and XRP‘s response has been nothing short of electrifying.
In a notable advancement in their prolonged court case, Ripple‘s legal dispute with the US Securities and Exchange Commission (SEC) appears to be approaching conclusion, sparking renewed interest in XRP, Ripple’s digital currency. This resurgence of interest has resulted in increased activity surrounding XRP within the crypto market.
The data recorded on the blockchain shows a significant increase in the number of transactions and trades for XRP on prominent digital currency exchanges. A striking example of this pattern is observed on the South Korean platform, Upbit, where the trading volume of XRP has skyrocketed. This spike is so substantial that the trading volume of XRP on Upbit now exceeds that of established cryptocurrencies such as Bitcoin, Ethereum, and Solana.
After Judge Analisa Torres’ significant court ruling, the value of XRP saw a swift increase. This decision was seen as favorable by Ripple executives and the community, as it represented a positive outcome for the payments technology firm. According to Bitcoinist, the federal judge mandated Ripple to pay a $125 million civil fine to the U.S. Securities and Exchange Commission (SEC), which is much lower than the $2 billion initially demanded by the regulatory body.
In response, the price of XRP jumped from $0.50 to $0.6368 in under two hours, as reported by Coinmarketcap. This rapid rise was accompanied by an unprecedented surge in trading action, especially on the South Korean exchange Upbit. During this time, Upbit’s XRP trading volume peaked at a staggering 746 million units, translating to over 610 billion KRW within a single day.
During the peak of the trading craze, XRP made up over 30% of the overall trade volume on the exchange. This massive trading activity represented approximately 14% of global transactions following the court decision, as stated by XRP advocate Chad Steingraber on social media platform X.
On Bithumb, a significant South Korean cryptocurrency platform, there was a notable surge in XRP trading activity. In fact, this altcoin’s trading volume outpaced other prominent digital currencies such as Bitcoin, Ethereum, and Solana, making up approximately 22% of the total trading volume on the exchange.
What’s Next For XRP?
The latest court decision has released XRP from the ongoing lawsuit’s constraints that have slowed its value increase for nearly five years. Yet, there’s a chance the situation might remain clouded if the Securities and Exchange Commission chooses to challenge the verdict. If they do, the legal battle could drag on, maintaining the doubt that has affected XRP’s market trends.
Currently, XRP is being exchanged for approximately $0.6046. This latest price spike indicates that the digital currency has once more escaped from a descending triangle chart formation. As per a recent technical assessment, a substantial breakout from this pattern might propel the XRP price to unprecedented highs, potentially reaching new record peaks.
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2024-08-09 21:40