XRP has become a leader in the South Korean digital asset market by recording over $95 million in trading volume on Upbit, despite ongoing legal battles with the U.S. Securities and Exchange Commission (SEC).
XRP Trading Volume on Upbit
XRP topped the digital asset market in South Korea, achieving over $95 million in trading volume on Upbit within the last 24 hours. As a result, the token has surpassed all other assets on the platform. Analysts noted an increase in investor interest and a rise in the use of XRP within regional financial systems.
Court Ruling Restricts XRP Institutional Sales
The case between Ripple and the SEC was based on the assertion that the sale of XRP violated securities laws in the U.S. The court ruled that sales made via public exchanges were lawful but found that $728 million in institutional sales between Ripple's launch and 2018 had violated the Securities Act. Consequently, the court imposed an injunction to prevent Ripple from making similar sales during that time.
Ripple Withdraws Cross-Appeal in SEC Case
Ripple has withdrawn its cross-appeal in its case with the SEC, leading to speculation about the agency's next move. This followed Judge Analisa Torres' refusal to consider a request for an indicative ruling on a proposed appointment. Nonetheless, Ripple continues to align its activities with regulatory guidelines, confirming its approach to compliance.
Overall, XRP continues to hold a leading position in the market despite legal complexities with the SEC. The future of the token remains uncertain, but the resolution of current disputes may support its further growth.
