XRP surpasses Bitcoin in South Korea, surges 31% in one week
Recent surge in trading volume
XRP has made huge waves in the Korean cryptocurrency market. On top exchange Upbit, XRP's trading volume reached $526.8 million, far exceeding Bitcoin's $203.57 million. Rumor has it that the secret meeting between Ripple and the U.S. Securities and Exchange Commission (SEC) may mark an important turning point for XRP, which is expected to push its price to a new all-time high.
South Korean market sees surge in interest in XRP
XRP is South Korea's seventh-largest cryptocurrency by market cap. While the overall cryptocurrency market has grown 11.7% over the past week, XRP has surged 31% over the same period. In the past 24 hours, XRP's trading volume on top South Korean exchanges reached $650 million, more than 2.3 times Bitcoin's trading volume in the same period. On Upbit alone, XRP's trading volume reached $526.8 million, surpassing Bitcoin's $203.57 million on the country's top five exchanges. This dominance highlights XRP's recovery, which has benefited from renewed interest among South Korean investors.
Global performance
Globally, XRP has also seen a significant uptick in trading volume, recently reaching $3.8 billion, the highest volume since April. The surge in global interest has been accompanied by a bullish trend, with XRP up 23% in July alone. Despite its impressive performance, XRP has recently suffered a minor setback, falling from its recent high of $0.6369 to $0.58, a drop of 6.42%.
Changes in foreign exchange flows
Among major exchanges, Coinbase was the exception, with a net inflow of $4.46 million in XRP. Conversely, Binance and OKX saw net outflows of $13.5 million and $7.83 million, respectively. This trend highlights the shift in investor sentiment and activity in the XRP market.
XRP future outlook
According to recent market analysis, XRP has broken out of a long-term resistance trend, surpassing key technical indicators such as the 200-week and 50-week moving averages (MA). Analysts point out that the secret meeting between Ripple Labs and the SEC could have a significant impact on Ripple's legal case. If all goes well for Ripple, this could mark a major turning point for the cryptocurrency, potentially forming the largest "W pattern" in a long time.
Although XRP’s relative strength index (RSI) is currently around 67, indicating that the asset is slightly overbought and a price correction may occur in the future, overall, XRP’s performance in the global market and its future potential are still full of positive signals.
XRP’s strong performance in South Korea and surge in global trading volumes
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