Ripple Settlement Hopes Push XRP Volumes Above Bitcoin on South Korean Exchanges

July 19, 2024 Blockchain

Ripple's native cryptocurrency, XRP, has recently seen a surge in trading volumes on South Korean exchanges, surpassing even Bitcoin. This unexpected surge is largely attributed to the growing optimism surrounding Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company conducted an unregistered securities offering by selling XRP. Ripple has since been fighting the lawsuit, and recent developments have sparked hopes of a possible settlement.

This week, XRP trading volumes on South Korean exchanges Bithumb and Coinone exceeded those of Bitcoin, a rare occurrence in the crypto market. According to data from CoinMarketCap, XRP's 24-hour trading volume on Bithumb was $1.15 billion, while Bitcoin's was $1.12 billion. On Coinone, XRP's trading volume was $90.5 million, compared to Bitcoin's $74.3 million.

The surge in XRP trading volume is largely attributed to the growing optimism among Ripple's South Korean supporters. The South Korean crypto community has been closely following Ripple's legal battle with the SEC, and recent developments have sparked hopes of a possible settlement.

In June, Ripple Labs won a discovery ruling that will require the SEC to disclose its internal communications on Bitcoin and Ethereum. This ruling is seen as a significant victory for Ripple, as it could potentially expose any inconsistencies in the SEC's classification of cryptocurrencies.

Furthermore, Ripple has recently filed a motion to dismiss the SEC's lawsuit, arguing that the agency's claims are legally insufficient. This move has further fueled hopes of a possible settlement, pushing XRP's trading volumes above Bitcoin on South Korean exchanges.

However, it's important to note that the outcome of Ripple's legal battle with the SEC is still uncertain. While the recent developments have sparked optimism, they do not guarantee a favorable outcome for Ripple. The SEC's lawsuit is a significant legal challenge for the company, and its resolution could have far-reaching implications for the broader crypto industry.

In conclusion, the surge in XRP trading volumes on South Korean exchanges is a testament to the growing optimism surrounding Ripple's ongoing legal battle with the SEC. However, the outcome of this legal battle is still uncertain, and its resolution could have significant implications for the broader crypto industry.

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