Ripple (XRP) has been making headlines recently, with trading volume reaching its highest level since September 2022. According to a report by Kaiko, traders are placing their bets on the token as they expect Ripple to triumph in its ongoing legal battle against the US Securities and Exchange Commission (SEC).
While the decision of the case is expected to be announced in April, a positive decision is expected for Ripple. XRP also raises the price. The XRP price has risen by over 40% since March 20, helping it rise from $230 million to $471 million in sustained futures open interest.
Interestingly, trading activity for XRP has been largely concentrated on Korean exchanges, with volumes on Upbit and Bithumb occasionally exceeding BTC and ETH. XRP trading volumes surpassed $2 billion last week, signaling strong interest in crypto among traders.
Koreans Quit XRP and Switch to This Altcoin: Its Price Soaked 200%!
Koinfinans.com As we reported, although Korean investors switched to Solar Network instead of XRP a while ago, this situation was short-lived and the intensity increased again. Many experts are unable to pinpoint whether retail investors or whale movements were the cause of the rally. According to the data, the whales are profiting, suggesting that the rally is more retail focused. This means that it is the smaller investors and traders who are driving the price of XRP up.
Korea’s two leading cryptocurrency An interesting trend is emerging in trading on the exchanges Upbit and Bithumb. Market sell orders overwhelmingly outpace market buys for orders over 200,000 XRP ($95k on average), suggesting that large investors and traders are profiting at these levels. On the other hand, the buy/sell ratio is much more balanced for smaller orders, indicating that retail investors are still bullish on XRP.
Overall, it seems that XRP is on the rise and traders are betting on a positive outcome for Ripple in its legal battle against the SEC. While the rally is being driven by retail investors, it is not yet clear whether this uptrend will continue or if the whales will re-enter the market and take control.
You can follow the current price action here.