XRP Surpasses Bitcoin in South Korea with 31% Surge in Trading Volume
XRP has made waves in the cryptocurrency world by surpassing Bitcoin in trading volume in South Korea. This surge comes amidst a broader market increase of 11.7% over the past week, with XRP leading the charge with an impressive 31% surge.
The rise in XRP’s price can be attributed to the growing interest from South Korean investors, who have shown significant enthusiasm for the cryptocurrency. In the last 24 hours alone, XRP recorded a trading volume of $650 million on Korea’s top exchanges, more than double that of Bitcoin during the same period. Notably, on Upbit, South Korea’s largest exchange, XRP’s trading volume reached $526.8 million, overshadowing Bitcoin’s $203.57 million across the top five Korean exchanges.
This dominance in the Korean market highlights XRP’s resurgence, fueled by renewed interest from local investors. XRP’s performance has been exceptional, outpacing the broader crypto market’s growth rate. Globally, XRP’s trading volume has also seen a significant uptick, reaching $3.8 billion recently, marking its highest volume since April. This surge in global interest aligns with a bullish trend, with XRP gaining 23% in July alone.
Despite its remarkable run, XRP experienced a minor setback recently, dropping from a high of $0.6369 to $0.58, reflecting a decline of 6.42%. The sentiment across major exchanges has been mixed, with Coinbase recording net inflows of $4.46 million into XRP, while Binance and OKX saw net outflows of $13.5 million and $7.83 million, respectively. These movements indicate shifting investor sentiment and activity in the XRP market.
Market analysts have noted XRP’s surge above long-standing resistance trends, surpassing key technical indicators like the 200-week and 50-week moving averages. Speculation about a secret meeting between Ripple Labs and the SEC has also fueled discussions, with potential implications for Ripple’s legal standing. If favorable, this meeting could be a significant turning point for XRP, potentially forming a notable market pattern.
Additionally, XRP’s relative strength index (RSI) currently sits around 67, suggesting the asset is slightly overbought. This indicates a possible price correction in the future as market dynamics evolve. XRP’s growing popularity has captured global attention, leaving many to wonder what the future holds for this dynamic cryptocurrency.
