The recent positive price movements in XRP have rekindled investors’ interest in the altcoin project. XRP, which is also followed by a wide audience in Turkey, has surpassed Bitcoin, the largest crypto asset in terms of market value, in trading volume on South Korean exchanges, indicating a change in market dynamics in the country. While there is an optimistic atmosphere in the cryptocurrency market, XRP’s surpassing Bitcoin in this important metric reveals its increasing importance in the market.
XRP trading volume crushes Bitcoin in South Korea
XRP has recently shown its importance in the cryptocurrency market by attracting a significant portion of the total trading activity in South Korea. Armando Pantoja, a cryptocurrency advisor for Benzinga News Center, shared this positive development on the X (formerly Twitter) platform. The post sparked a new wave of optimism in the community around the altcoin. Pantoja reported that the token’s trading volume has doubled that of Bitcoin in the country. The crypto asset saw a jaw-dropping $650 million in trading volume, while Bitcoin saw a much lower volume of $282 million. This latest surge proves that Korean investors are increasingly interested in the crypto asset.
It also marks a significant moment for the altcoin, given South Korea’s presence as a major player in the industry. It’s important to note that the coin outperformed Bitcoin by such a large margin in the Korean market back in July of last year. However, this was triggered by the expectation of a positive decision in its lawsuit against the Securities and Exchange Commission (SEC), with the asset’s value rising to $0.93.
Altcoin price is currently on the rise
On the other hand, this latest jump coincides with the price rising above $0.58 for the first time since the market-wide pullback in April. The increase in coin holdings by whales and sharks, which started in August last year and now hold over 100,000 XRP coins, is believed to be the driving force behind this reversal. XRP has traded at $0.5544, up over 17% over the past week. Despite the recent increase in trading volume, the total market cap is still down over 5%, showing a negative outlook.
While some tokens continue to navigate the current rallies in the cryptocurrency markets, leading market intelligence platform Santiment has highlighted XRP as one of the coins that investors should keep an eye on, alongside Litecoin (LTC). Santiment is confident that the altcoin will see further price gains in the coming days. However, the platform warns that the token could be a high-risk, high-reward investment this week due to the over-enthusiasm of the crowd.
Despite past volatility, XRP continues to hold a significant position in the cryptocurrency market. Recent developments in South Korea may indicate a potential increase in XRP adoption and usage. However, it is important for investors to protect themselves from market volatility and always conduct thorough research when making investment decisions.
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