The XRP (XRP) Long-Standing Legal Battle With the SEC Has Finally Made Significant Progress in Court, and the Case May Be Nearing Its End

The long-standing legal battle between Ripple and the US Securities and Exchange Commission (SEC) has finally made significant progress in court

A pivotal court ruling in the long-standing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has sparked a surge in interest and activity for XRP, Ripple’s native cryptocurrency.

According to on-chain data, there has been a noticeable increase in the number of transactions and trading volumes for XRP on major cryptocurrency exchanges. One of the most striking examples of this trend is visible on the South Korean exchange, Upbit, where XRP trading volume has surged dramatically.

In fact, XRP’s trading volume on Upbit has even surpassed that of major cryptocurrencies like Bitcoin, Ethereum, and Solana. The surge in XRP trading activity follows a rapid increase in the price of the cryptocurrency, which experienced a sharp rise of around 25% in the immediate aftermath of the court ruling.

At the beginning of the trading day, XRP was trading at around $0.50. However, following the news of the court ruling and the SEC being ordered to pay $125 million in civil penalties to Ripple, XRP surged to a high of $0.6368 within less than two hours, according to data from Coinmarketcap.

This rapid surge in XRP’s price was accompanied by an extraordinary spike in trading activity, especially on the South Korean exchange. On Upbit, XRP’s trading volume reached an astounding 746 million XRP, which was valued at over 610 billion KRW within a 24-hour time frame.

At the peak of this trading frenzy, XRP accounted for more than 30% of the total volume on the exchange. This huge trading volume was also enough to account for 14% of the total transactions worldwide after the court ruling.

This statistic was shared on the social media platform X by Chad Steingraber, a fervent XRP enthusiast. Another prominent cryptocurrency exchange in South Korea, Bithumb, also saw a dramatic increase in XRP trading volume.

The altcoin’s trading volume surged past other major cryptocurrencies, including Bitcoin, Ethereum, and Solana, to account for 22% of the total trading volume on the exchange.

XRP Is Now Free Of Lawsuit Burden, But What’s Next?

The recent ruling in the SEC v. Ripple lawsuit has brought significant relief to the payments technology company and the XRP community, as it effectively clears XRP of being a security.

This development is expected to pave the way for new exchange listings, trading activity, and use cases for XRP in the coming months. 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 would essentially prolong the legal proceedings and could keep traders on their toes as they speculate on the potential impact on XRP’s price and regulatory status.

At the time of writing, XRP is trading at $0.6046, down around 4% from its 24-hour high. The recent price surge saw XRP breaking out of a descending triangle pattern once again.

As reported by Bitcoinist in a recent technical analysis, a significant breakout from this pattern could translate into an extended XRP price surge into new all-time highs.

The above is the detailed content of The XRP (XRP) Long-Standing Legal Battle With the SEC Has Finally Made Significant Progress in Court, and the Case May Be Nearing Its End. For more information, please follow other related articles on the PHP Chinese website!