- XRP recorded over $95 million in 24-hour trading volume on Upbit, securing the top spot in South Korea.
- A U.S. court ruled Ripple’s institutional XRP sales before 2018 violated securities laws but cleared public exchange sales.
- Ripple withdrew its cross-appeal while the SEC’s response remains uncertain, possibly finalizing the Programmatic Sales ruling.
XRP topped the South Korean digital asset market with over $95 million in 24-hour volume on Upbit. The token has surpassed all others in the exchange, and regulatory trends have not changed control. Market analysts monitored increased investor activity and admired the increase in the use of XRP in the regional financial systems.
The data from Upbit indicated that XRP gained momentum even during the weekend. The volume milestone occurred as Ripple Labs made significant progress in its legal battle with the U.S. Securities and Exchange Commission.
Court Ruling Narrows Scope of XRP Institutional Sales Ban
The case between Ripple and the SEC was based on the claim that the selling of XRP had violated laws on securities in the U.S. According to the court, sales via public exchanges were lawful. However, it discovered that $728 million in institutional sales between Ripple’s launch and 2018 violated the Securities Act. As a result, the court imposed an injunction to prevent Ripple from conducting similar sales at that time.
Attorney Bill Rispoli stated that “institutional sales” in the ruling refers only to sales made before 2018. The injunction does not apply to Ripple’s post-2018 institutional activities. He clarified that Ripple may continue trading if future sales follow regulatory guidelines. Rispoli noted that Ripple has revised its sales process and now reports transactions directly to the SEC.
However, the SEC has taken no further measures to press charges against the present activities of Ripple. Analysts attributed this to the rotations in leadership and interpretation of regulation through the administration of Chair Gary Gensler. Another legal analyst, James Farrell, said the injunction does not completely prohibit institutional sales. According to him, the order prohibits Ripple from breaching section 5 of the Securities Act, which deals with unregistered securities offerings.
Farrell explained that Ripple could continue with its compliant transactions if it applies for registration or demands a no-action letter from the SEC. These letters are an official guarantee to the agency that there are no plans to undertake enforcement proceedings. They further aid businesses in complying with federal law, after which they can carry out token sales or other business activities.
Ripple Withdraws Cross-Appeal as SEC Path Remains Unclear
Ripple pulled out its cross-appeal in its case with the SEC, leading to speculation on what the SEC might do next. It followed Judge Analisa Torres’ refusal of a contractual request for an indicative ruling on a suggested appointment. The bid was intended to overrule the previous injunction and reduce the fine on Ripple to $50 million. The court does not take action and acts on the request.
The setback notwithstanding, Ripple continued terminating its appeal, keeping the court’s previous Programmatic Sales decision intact. That decision confirmed that the sale of XRP in public exchanges does not involve securities transactions. If the SEC also abandons the appeal, the ruling would turn final and conclusive.
Furthermore, the current case filing started in December 2020 and has continued to be a top priority in markets among institutional investors and retailers. As of this writing, XRP is trading at $2.19, registering a 2% increase in the last 24 hours.
