In South Korea’s three largest exchanges by volume, UpBit, Bithumb and Korbit, investors seem to be showing great interest in a special altcoin project. The related altcoin rose to billions of dollars in transaction volume…
This altcoin has captured half of all volumes of South Korean crypto exchanges
The return of the cryptocurrency storm in South Korea is confirmed by the peaking Ripple (XRP) trading volume on the country’s three largest exchanges. XRP trading volumes, which have increased by 26% in the last week, surpassed the trading volumes of Bitcoin (BTC) and Ethereum (ETH) on three major exchanges, UpBit, Bithumb and Korbit.
According to data from CoinGecko and CoinMarketCap, XRP trading volume on UpBit accounted for 18% of all volume in the last 24 hours, 37% on Bithumb and 50% on Korbit.
On UpBit, transactions were made in US dollars, and on Bithumb and Korbit in Korean won. Bitcoin and ETH trading volumes are usually the majority on these exchanges, so the increase in XRP trading volume is considered an anomaly.
UpBit became the world leader with over $790 million in XRP trading volume in the last 24 hours. In contrast, Binance traded relatively less in terms of XRP trading volume, according to CoinGecko data.
Why XRP?
The interest in XRP has come with speculation that the token could be classified as a commodity by the US Commodity Futures Trading Commission (CFTC). The CFTC classified Bitcoin and Ethereum as commodities in a lawsuit against Binance. This could be instrumental in Ripple’s lawsuit against the SEC, where the regulator claims that XRP tokens are securities.
Classification as a commodity could mean Ripple wins the case, and some traders consider this a positive development for XRP. The sudden increase in volume on South Korean cryptocurrency exchanges reveals that traders have already taken positions.
XRP’s social volume soars after massive price surge
XRP’s social dominance is on the rise after the massive price surge. XRP, the sixth largest cryptocurrency, has seen a significant increase in its social volume, according to data from social analytics platform LunarCrush.
XRP has taken the lead in social and trading activity today. It also ranked first in the top 10 trending searches according to LunarCrush.
What are analysts saying about the altcoin rally?
Digital GenFin founder and XRP enthusiast, nicknamed “Panos”, thinks that the XRP run is the result of a combination of events that creates a positive cycle and does not believe it will stop. In a recent tweet, he said, “This XRP run is the result of a combination of events that creates a positive cycle. I don’t think it will stop. My advice (to myself) is: hold tight to XRP and play well,” he said.
Panos says that aside from the optimism in the Ripple-SEC litigation that contributed to the XRP price surge, another positive catalyst is that XRP has been heavily undervalued and suppressed over the years, especially since the litigation began. cryptocoin.com As Ark Invest, we mentioned that Cathie Wood, the founder and CEO, also made statements in favor of Ripple.
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