XRP’s $650M 24-hour volume in South Korea surpasses Bitcoin’s, reflecting its growing dominance.
Upbit exchange alone sees XRP trade volume reach $526.8M, overshadowing Bitcoin’s total on major Korean exchanges.
XRP’s 30.28% weekly rise signals strong bullish sentiment, contrasting Bitcoin’s modest 10.89% increase.
Ripple’s XRP has overtaken Bitcoin as the most traded cryptocurrency on major South Korean exchanges, a surprising development that highlights the altcoin’s growing popularity in the region. This surge in trading activity comes amidst a broader resurgence in XRP’s price, fueled by optimism surrounding its ongoing legal battle with the U.S. Securities and Exchange Commission.
Data from the nation’s largest exchanges revealed that in less than a day, Ripple’s XRP traded for $650 million, more than twice as much as Bitcoin on the same platforms.
The surge in XRP’s trading volume can be attributed to its widespread appeal among investors in South Korea. XRP’s trading volume on Upbit alone reached an astounding $526.8 million, surpassing Bitcoin’s total volume across all South Korean exchanges.
This marks a notable shift since XRP last held such dominance in July of the previous year, coinciding with a peak price surge to $0.93 following a favorable regulatory decision from the SEC.
According to Coingecko, South Korea’s largest exchange, Upbit, ranks first in the trading volume of XRP, reaching $2.1 billion in 24 hours, Binance is 1.7 billion, and OKX ranks third with 500m; showing Korean investors still a major thrust of this XRP pump.…
— Wu Blockchain (@WuBlockchain) July 14, 2023
Globally, XRP, currently trading at $0.5806, has experienced a recent uptick in market activity, despite a minor 5.41% decline over the past 24 hours. Over the last week, XRP has shown a notable 30.28% increase, reflecting strong bullish sentiment among investors.
On the daily price chart for XRP/USD on Binance, indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) point towards ongoing positive momentum.
Source: TradingView
The MACD indicator shows a bullish crossover, indicating potential further upward movement in the short term, while the RSI hovers at 65.61, suggesting a possible approach to overbought conditions.
Bitcoin has risen by 10.89% in the last week, reaching $64,770.32, and it remains the top crypto asset by market value. While Bitcoin is still the leader overall, its trading volume in South Korea significantly trails XRP’s, highlighting XRP’s strong appeal to Korean investors right now.
Looking forward, XRP’s performance in South Korea is expected to continue drawing attention in the cryptocurrency market. With its recent high trading volume and positive market signals, XRP may see further price gains. However, caution is needed as the RSI approaches overbought levels.
As the cryptocurrency landscape evolves, monitoring XRP’s performance in markets like South Korea will be crucial for understanding broader market trends and investor sentiment.
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