The long-running legal battle between Ripple and the US Securities and Exchange Commission (SEC) has finally made significant progress in the courts, and the case may be nearing its conclusion, with XRP surging. As expected, this development reinvigorated interest in XRP, Ripple’s native cryptocurrency, which in turn led to a notable increase in profits. XRP activity surges across the entire cryptocurrency industry.
On-chain data reveals a increase in the number of XRP transactions and trading volumes on major cryptocurrency exchanges have been on the rise. One of the most notable examples of this trend can be seen on South Korean exchange Upbit, where XRP trading volume has increased dramatically. This increase has been so pronounced that XRP trading volume on Upbit has eclipsed that of major cryptocurrencies such as bitcoin, ethereum, and Solana.
The price of XRP experienced a rapid rise immediately following a decisive court ruling by Judge Analisa Torres, a decision that Ripple executives and the community interpreted as a positive outcome for the payments technology company. reported by According to Bitcoinist, the federal judge ordered Ripple to pay $125 million in civil penalties to the US Securities and Exchange Commission (SEC), a figure significantly lower than the $2 billion initially requested by the regulator.
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In response, XRP surged from $0.50 to $0.6368 in less than two hours, according to data from Coinmarketcap. This sharp increase in value was accompanied by an extraordinary surge in trading activity, particularly on South Korean exchange Upbit. During this period, Upbit’s trading volume reached a staggering 746 million XRP, valued at over 610 billion KRW in a 24-hour period.
At the height of this trading frenzy, XRP accounted for over 30% of the total volume on the exchange. This massive trading volume was enough to account for 14% of total transactions worldwide following the court's decision. Chad Steingraber, an ardent XRP enthusiast, x.com/ChadSteingraber/status/1821310623541501980″ rel=”nofollow”>shared this statistic on social media platform x.
Bithumb, another major cryptocurrency exchange in South Korea, also witnessed a drastic increase in XRP trading volume. The altcoin’s trading volume surpassed that of other major cryptocurrencies such as bitcoin, ethereum, and Solana, and accounted for 22% of the total trading volume on the platform.
What's next for XRP?
The recent ruling means that XRP is now free of the burden of the lawsuit that has hampered its price growth over the past four years. However, despite this positive development, the case could continue to cast a shadow over XRP if the SEC decides to appeal The ruling. An appeal could prolong the legal proceedings, thus prolonging the uncertainty that has followed its price development.
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At the time of writing, XRP is trading at $0.6046. The recent price surge means that the cryptocurrency has broken out of a descending triangle pattern again. According to a Recent technical analysisA significant breakout of this pattern could translate into a prolonged surge in XRP price towards new all-time highs.
Featured image created with Dall.E, chart from Tradingview.com
