Ripple (XRP), which gained the upper hand in the SEC case with the latest developments, broke a record transaction volume among South Korean exchanges in the last week of March. New reports suggest that South Korean investors are now chasing a Binance-backed altcoin.
South Korean crypto investors exploded this altcoin after Ripple
South Korean investors have started showing intense interest in Solar Network (SXP) in recent days, after last week’s Ripple storm. This interest has led to an increase in the price of SXP by more than 200% over the past seven days. SXP thus revisits its peak levels from May 2022. Currently, it stands out as the most profitable crypto among the top 100 cryptocurrencies by market capitalization.
SXP hits record on largest South Korean exchanges
Behind the interest of Korean investors lies the exploding SXP trading volumes on the country’s largest crypto exchanges. Top in terms of trading volume on Upbit, SXP currently accounts for 21.4% of total turnover of $1.88 billion. Compared to a week ago, this rate is three times higher.
The fact that Solar Network has become so popular has caused XRP to lose some ground. XRP price experienced a noticeable drop in trading volumes after peaking locally at KRW 768, or $0.585 per token. It currently only trades at 11% of the total turnover on Upbit, three times less than a week ago.
On the other hand, XRP still holds a prominent place on Bithumb, Korea’s second largest exchange. On Bithumb, XRP continues to hold 27.24% of the total trading volume, as much as Bitcoin (BTC), Ethereum (ETH) and Solar (SXP) combined.
Why was the Solar Network (SXP) chosen?
Solar Network, a blockchain project, says its main purpose is to provide a decentralized payment network and platform. The platform also offers a virtual wallet that can be used to accept credit card payments and store cryptocurrencies.
At an important point, Binance is one of the officially supported exchanges of Solar Network. Solar Network was previously known as Swipe. Born in 2018, the project already caters to a large crypto community.
In terms of price, although there is no clear reason behind the SXP rally, the uptrend that has been going on since March draws attention. The rise of SXP may have had an impact, in particular Binance’s announcement to support Swipe’s mainnet exchange. Users with SXP in their Solar wallet can vote on management offers at the token rate, and transactions made on the Solar Blockchain are paid in XP. The project was launched in 2018 with the aim of providing sustainable and clean energy solutions. It is currently positioned at 85th place by market value.
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