South Korea’s largest exchange, Upbit, has emerged as the leader in 24-hour trade volume, surpassing even Binance and other exchanges. XRP’s recent legal victory in the Ripple vs. SEC lawsuit has triggered a massive surge in trading activity, igniting a renewed interest in the market.
The bullish development caught the attention of renowned blockchain reporter Colin Wu, who shared the news on Twitter. Wu’s revelation confirms that South Korean investors have played a significant role in the recent XRP rally.
It is worth noting that the resurgence in investor interest has resulted in a rapid surge in XRP’s trade volume. As of July 13, XRP’s 24-hour volume was $613.5 million. However, the current trade volume has skyrocketed to a staggering $13.58 billion, representing a remarkable 2,114% increase.
Upbit Leads XRP Trading Surge With $2.57B 24-Hour Volume
At the time of Wu’s announcement, Upbit’s 24-hour trade volume for XRP was reported at $2.1 billion, while Binance recorded a volume of $1.7 billion. However, the latest data reveals even more impressive figures for Upbit.
According to CoinGecko, Upbit’s current 24-hour trade volume for XRP sits at $2.57 billion for the XRP/KRW pair, accounting for 18.82% of the global trade volume of XRP across all exchanges.
Simultaneously, Binance has experienced a surge in XRP trade volume, reaching $2.16 billion for the XRP/USDT pair. This figure represents 15.82% of the global XRP trade volume of $13.58 billion. Binance also handles trade volume from other XRP pairs, including XRP/BUSD, XRP/TRY, and XRP/EUR.
The surge in trading activity comes after Judge Torres ruled that XRP should not be classified as a security. The judge also addressed the Securities and Exchange Commission’s (SEC) allegations against Ripple and its executives regarding XRP sales.
While Judge Torres acknowledged that Ripple’s institutional sales of XRP could be considered investment contracts, she clarified that programmatic sales and sales by Chris Larson and Brad Garlinghouse and other distributions do not fall under the category of investment contracts.
XRP’s legal victory sparked jubilation within the XRP community and the broader crypto sphere. Investors flocked to XRP, recognizing it as the only regulated cryptocurrency asset. As a result, XRP experienced a staggering 30% rally in less than three hours.
XRP sustained its rally, surging by 77% to reach a one-year high of $0.82. XRP is trading at $0.79, reflecting a 68% increase over the past 24 hours.
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