The long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has finally made significant progress in court, and the case may be coming to a close as interest in XRP grows. As expected, this development has revived interest in XRP, Ripple’s native cryptocurrency, which in turn has led to a noticeable XRP activity growth throughout the cryptocurrency industry.
Chain data reveals raise in the number XRP transactions and trading volumes on major cryptocurrency exchanges. One of the most notable examples of this trend is the South Korean exchange Upbit, where XRP trading volume has skyrocketed. This raise has been so pronounced that XRP trading volume on Upbit has dwarfed that of major cryptocurrencies such as Bitcoin, Ethereum, and Solana.
The price of XRP surged immediately following a key 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 Bitcoinist, a federal judge has ordered Ripple to pay $125 million in civil penalties to the U.S. Securities and Exchange Commission (SEC), an amount significantly lower than the $2 billion originally sought by the regulator.
In response, XRP skyrocketed from $0.50 to $0.6368 in less than two hours, according to data from Coinmarketcap. This acute raise in value was accompanied by an extraordinary raise in trading activity, particularly on the South Korean exchange Upbit. During this period, Upbit’s trading volume reached an astonishing 746 million XRP, valued at over KRW 610 billion in 24 hours.
At the peak of the 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 all transactions worldwide after the court ruling. Chad Steingraber, an ardent XRP enthusiast, shared this statistic on the social platform X.
Bithumb, another prominent South Korean cryptocurrency exchange, has also seen a surge in XRP trading volume. The altcoin’s trading volume has outpaced other major cryptocurrencies, including Bitcoin, Ethereum, and Solana, accounting for 22% of the exchange’s total trading volume.
What’s next for XRP?
The latest ruling means that XRP is now free from the burden of a lawsuit that has hindered its price growth over the past four years. However, despite this positive development, the case could still cast a shadow over XRP if the SEC decides to appeal ruling. An appeal could prolong the legal proceedings, thereby prolonging the uncertainty that has accompanied price behavior.
At the time of writing, XRP is trading at $0.6046. The recent price raise means that the cryptocurrency has once again broken out of a descending triangle formation. According to latest technical analysisA significant breakout from this pattern could result in a prolonged rally in the price of XRP to modern record highs.
Featured image created with Dall.E, chart from Tradingview.com
