Ripple Settlement Hopes Pushed XRP Volumes Above Bitcoin on S. Korean Exchanges This Week

As a researcher with extensive experience in the cryptocurrency market, I have closely monitored the recent surge in XRP trading volume on South Korean exchanges and the subsequent correction. The data is quite compelling – XRP’s trading volumes surpassed that of bitcoin (BTC) on UpBit, Bithumb, and Korbit earlier this week, indicating a strong demand for the token in the country. This phenomenon is not unusual, as South Korean traders are known to drive euphoric rallies in tokens, contributing to buying pressure and potentially influencing prices.Based on my extensive experience in the cryptocurrency market and having closely monitored its trends for several years, I can tell you that this week, something truly remarkable has transpired in the realm of digital currencies, especially in South Korean crypto exchanges. The trading volume for XRP surpassed that of Bitcoin (BTC), a phenomenon I’ve seldom witnessed before. This frenzy could very well be one of the contributing factors to XRP’s impressive 20% surge during this period. It’s an intriguing development, and as someone who has been observing and analyzing these markets for years, I find it both exciting and thought-provoking.

According to data from CoinGecko, XRP held a significant market share in South Korean exchanges UpBit, Bithumb, and Korbit this week, accounting for approximately 40% of trading volumes on UpBit and over 35% on both Bithumb and Korbit. Notably, this is above the typical dominance of bitcoin and Tether (USDT), suggesting a surge in demand for XRP tokens within the South Korean market.

The trading volume increased significantly on international platforms like Binance and OKX. However, it failed to surpass the volumes of bitcoin and ethereum (ETH). Furthermore, the open interest in XRP-linked futures contracts more than doubled this week, indicating a predominantly bullish sentiment among traders.

In South Korea on Friday, normal business operations continued despite a significant drop in the broader cryptocurrency market. The trading volume for bitcoin surpassed that of XRP. This downturn caused the CoinDesk 20 Index (CD20) to decrease by 1.9% within a 24-hour period. Bitcoin experienced a loss of approximately 1.3%, while XRP saw a more substantial decline of up to 8%.

“According to Bradley Park, a Web3 analyst at CryptoQuant, there’s been heightened interest in XRP with regular local media reports and social media mentions. This appears to have translated into increased trading activity for the token. Notably, this surge in trading volume can be traced back to recent SEC-related news.”

Last week marked the beginning of increases in the value of the XRP token, following significant announcements from established futures market leaders CME Group and CF Benchmarks. They introduced new indices and reference rates specifically for XRP.

In a note to CoinDesk last Friday, Ryan Lee, Bitget’s chief analyst, pointed out that the positive comments about XRP could have increased investor confidence in the token. Yet, he cautioned that a downturn might follow after its impressive market gains.

According to Lee’s analysis, the recent increase in XRP could lead to a correction and potential decrease in price around early August. But if the value manages to surpass essential support points, such as $0.70, it could carry on ascending further.