XRP Overtakes Bitcoin in Trading Volume on Korean Exchanges Amid Optimism for Ripple-SEC Settlement

The recent surge in XRP price has piqued the interest of investors in the cross-border payments sector. XRP’s trading volume surpassed that of Bitcoin on major South Korean crypto exchanges like UpBit and Bithumb this week. This renewed enthusiasm for XRP coincides with speculation surrounding a potential resolution in the SEC vs. Ripple legal battle.

XRP has once again asserted its dominance in the cryptocurrency market by capturing a significant portion of trading volumes in South Korea. Data from CoinGecko reveals that XRP accounted for around 40% of trading activity on UpBit and over 35% on Bithumb and Korbit earlier in the week. With a trading volume of $650 million compared to Bitcoin’s $282 million, XRP’s surge in popularity suggests a temporary spike in demand among South Korean investors.

Last July, XRP outperformed Bitcoin in the Korean market by a substantial margin when its value soared to $0.93 following a favorable ruling in its lawsuit against the SEC. Recently, XRP experienced a nearly 40% surge to $0.64 amidst speculations of an impending settlement between Ripple Labs and the SEC. However, its value retraced to $0.56 after the cancellation of a crucial closed-door meeting by the agency.

The attention on XRP has intensified as the SEC reschedules a closed meeting for July 25, fueling anticipation of potential resolution talks between Ripple and the regulatory body after years of legal disputes. The upcoming meeting’s agenda mirrors that of the canceled July 18 meeting, focusing on issues such as administrative proceedings, litigation claims resolution, and enforcement proceedings.

The SEC is currently seeking a $103 million fine for unregistered sales to institutions, while Ripple is aiming to settle for not more than $10 million. Ripple’s CEO, Brad Garlinghouse, has expressed optimism about resolving the legal issues with the SEC in the near future. The community eagerly awaits the outcomes of the upcoming meeting, hoping for positive developments that could impact XRP’s trajectory positively.

The resolution of the SEC’s lawsuit against Ripple could have broader implications for the cryptocurrency industry, potentially influencing the regulator’s authority over digital assets. As stakeholders closely monitor the unfolding legal proceedings, the industry awaits potential shifts that may shape the future landscape of crypto regulation.