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The much-awaited Summary Judgment in the ongoing Securities and Exchange Commission (SEC) vs. Ripple lawsuit is still pending, leaving the status of XRP relisting on crypto exchanges uncertain. As the judge nears the conclusion of the case, XRP holders are eagerly awaiting a resolution that could potentially pave the way for relisting on major exchanges.
One key issue that has sparked discussions among crypto leaders and experts is the “Secondary Market Sales” of XRP. However, the court has yet to address this specific matter within the context of the XRP lawsuit.
In a noteworthy development, the US SEC reportedly acknowledged that the secondary market sales of LBRY Credits (LBC) tokens do not qualify as securities. While this admission pertains to the LBRY lawsuit, it is likely to be scrutinized by Ripple’s legal team during the ongoing proceedings.
Prominent attorney Jeremy Hogan expressed confidence that once the judge determines whether XRP is inherently a security, there is a strong possibility of its relisting on crypto exchanges. The SEC’s complaint in the lawsuit asserts that XRP itself is a security. However, it does not provide clarity on the underlying nature of the asset.
As the legal battle continues and the judge’s decision looms, XRP holders remain hopeful for a favorable outcome that could potentially lead to the relisting of XRP on major cryptocurrency exchanges.
Related: The SEC Lawsuit Against Ripple: What Does It Mean for XRP?
XRP’s Trading Volume Hits New Peaks
XRP is experiencing a surge in trading volumes on several South Korean cryptocurrency exchanges, including Bithumb, Upbit, and Korbit, as reported by CoinMarketCap.
On Bithumb, the XRP/KRW trading pair represents a significant portion of the overall trading volumes, accounting for 14.76% or approximately $20,891,694. It remains the second most traded asset on the exchange, following Bitcoin (BTC).
Similarly, Korbit, another prominent South Korean exchange known for its long-standing presence in the crypto industry, reflects XRP as the second most traded asset after Bitcoin. The XRP/KRW trading pair captures 19.96% of the total trading volumes on Korbit, surpassing Ethereum, which holds the third position.
Additionally, on Upbit, South Korea’s largest cryptocurrency exchange in terms of trading volume, XRP ranks among the top five most traded assets. It secures the third position, trailing behind Bitcoin and Mask Network.
An increase in trading volumes often accompanies price volatility, as traders engage in buying or selling large quantities of assets to capitalize on potential profits. However, despite the surge in trading volumes, the price of XRP has only seen a modest increase, aligning with the overall upward trend observed in the cryptocurrency market.
With a keen eye on the latest trends and developments in the crypto space, I’m dedicated to providing readers with unbiased and insightful coverage of the market. My goal is to help people understand the nuances of cryptocurrencies and make sound investment decisions. I believe that crypto has the potential to revolutionize the way we think about money and finance, and I’m excited to be a part of this unfolding story.
