On Aug. 8, following the imposition of a $125 million civil penalty on Ripple Labs by a district judge, the firm’s executives and community celebrated the outcome as a “victory.” This led to an uptick in XRP’s trading volume and price. In the 24 hours leading up to the ruling, XRP rose from $0.4933 to $0.6125 per unit.
Post-Court Verdict, XRP Price Climbs From $0.49 to a High of $0.64
The $125 million penalty decision appears to have positively impacted XRP’s value, as the sixth-largest cryptocurrency by market cap saw its price increase significantly following the verdict. On Thursday, the day after the ruling, XRP’s intraday prices ranged between $0.5836 and $0.6415.
As of 5:20 p.m. EDT on Thursday, XRP ranked seventh in trade volume. According to Coingecko.com, XRP recorded approximately $4.94 billion in 24-hour trading volume. While tether remains XRP’s leading trading pair, the South Korean won is the second most traded pair with XRP, surpassing the U.S. dollar.
XRP’s popularity in South Korea is quite evident, with Upbit showing the coin as the top volume leader on Aug. 8 and a 2.65% premium in South Korea compared to the global average. Similarly, Bithumb also reports XRP as the most traded asset, albeit with a slightly lower premium of 2.3%.
Approximately 29.82% of Upbit’s $2.51 billion in 24-hour trading volume involved XRP, while on Bithumb, XRP trades accounted for 22.87% of the exchange’s $673 million in volume over the past day. The Ripple Labs ruling has not only bolstered confidence among XRP traders but also underscored the significant regional demand, particularly in South Korea.
Source: bitcoin news
