Trading volume in XRP exceeded that of bitcoin on South Korean crypto exchanges this week, with UpBit, Bithumb, and Korbit reporting high demand for the token. According to data from CoinGecko, XRP accounted for over 40% of trading volumes on UpBit and more than 35% on Bithumb and Korbit. This surge in volume may have contributed to XRP’s 20% price increase during this period.
While XRP trading volumes also saw a significant increase on global exchanges like Binance and OKX, they did not surpass those of bitcoin or ether. Additionally, open interest in XRP-tracked futures doubled earlier in the week, with a bullish bias in trading sentiment.
However, as normal trading resumed, bitcoin’s volume surpassed that of XRP in South Korea amid a broader market decline. The CoinDesk 20 Index (CD20) fell by 1.9% in 24 hours, with bitcoin losing 1.3% and XRP dropping by as much as 8%.
South Korean traders are known for driving enthusiastic rallies in tokens, which can lead to increased buying pressure and influence prices. Bradley Park, a Web3 analyst at CryptoQuant, attributed the surge in XRP trading volume to daily media coverage and influencer mentions of the token, particularly in light of recent SEC-related news.
The recent gains in XRP began after CME and CF Benchmarks announced the launch of indices and reference rates for the token. Ripple Labs CEO Brad Garlinghouse also expressed optimism about a potential resolution to the legal dispute between the SEC and Ripple, which likely boosted market confidence in XRP.
Despite the positive outlook, Ryan Lee, chief analyst at Bitget exchange, warned of a possible technical correction ahead following XRP’s strong performance. Lee suggested that there may be a price pullback in early August, but if key support levels, such as $0.70, are maintained, XRP could continue to rise in the future.
Overall, the surge in XRP trading volume in South Korea reflects the country’s high demand for the token, driven by both local and global factors. The upcoming resolution of the SEC lawsuit and the launch of new indices for XRP could further impact the token’s price and trading sentiment in the coming weeks. Investors and traders should closely monitor these developments to make informed decisions in the volatile cryptocurrency market.