As a seasoned financial analyst with extensive experience in the crypto market, I have closely monitored the recent surge in XRP trading activity on South Korean exchanges and cannot help but be intrigued by this development. Having followed the crypto space for years, I’ve come to understand that South Koreans are known for their trend-conscious nature, which seems to have played a significant role in this sudden interest in XRP.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing development in South Korean exchanges. XRP trading activity has experienced a significant surge, reaching levels that surpassed Bitcoin‘s (BTC) volume. This unexpected spectacle unfolded as anticipation builds around the US Securities and Exchange Commission (SEC) making a decision on their ongoing case against Ripple.
During the specified timeframe, XRP‘s price surged by 20%. Notably, Upbit, South Korea’s largest cryptocurrency exchange, accounted for approximately 40% of the overall XRP trade volume during this period. Meanwhile, Bithumb and Korbit recorded XRP contributing to about 35% of their respective volumes. This trend indicated a significant surge in demand for XRP.
The trading volume of XRP on major exchanges such as Binance and OKX saw a significant increase, but it failed to surpass that of Bitcoin (BTC) and Ethereum (ETH). At the same time, there was a notable rise in the number of XRP futures contracts. Nevertheless, XRP’s trading volume fell below BTC’s on Friday by approximately 8%, while BTC experienced a smaller decline of around 1.3%.
South Koreans have recently developed a strong fascination with XRP due to its growing popularity and positive developments. With Ripple successfully resolving several lawsuits against the SEC, it seems that another victory is on the horizon. Consequently, XRP has gained significant attention, leading to widespread discussions in media outlets and social media platforms. As a result, South Korean investors have shown increased interest in purchasing XRP, contributing to a noticeable surge in demand over the past few weeks.
Brad Garlinghouse, the CEO of Ripple Labs, has indicated that the ongoing SEC lawsuit against his company is nearing a “speedy conclusion.” At present, Ripple is under investigation for alleged securities violations in California. This legal action was initiated due to Garlinghouse’s disclosure of holding a substantial amount of XRP and selling large quantities of the token within the same year.
Despite the SEC’s recent decision to drop investigations against companies such as Paxos and Stacks within the last month, observers in the industry anticipate a similar outcome for this ongoing case.
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2024-07-20 15:40