This week, XRP experienced a significant breakout, surpassing Bitcoin in terms of trading volume on South Korean cryptocurrency exchanges. Local media and SEC-related news increased demand for XRP. Analysts are warning about the possibility of a short-term price correction for the altcoin.
Ripple's XRP token surpassed Bitcoin (BTC) in trading volume on South Korean cryptocurrency exchanges this week. XRP's trading volume on UpBit accounted for 40%, while Bithumb and Korbit took over 35%. This marks a significant change in market dynamics dominated by Bitcoin and Tether (USDT) and indicates strong short-term demand for XRP in South Korea.
The increase in transaction volume in South Korean stock exchanges had its impact not only on local but also on global stock markets. There were significant increases in XRP activity on platforms such as Binance and OKX, but these exchanges were unable to surpass Bitcoin or Ethereum (ETH) volumes. Although open interest in XRP futures doubled, indicating bullish expectations among investors, Bitcoin took back the lead on South Korean exchanges with the market-wide pullback earlier in the day.
Among the developments that increased the price and transaction volume of XRP, the enthusiastic purchases of South Korean investors stand out. Analysts such as Bradley Park state that the sudden increase in XRP's trading volume is a result of the interest in local media and SEC-related news.
This rise in XRP gained momentum last week when CME and CF Benchmarks announced new indices and reference rates for the altcoin. Additionally, Ripple Labs CEO Brad Garlinghouse's statement in a Bloomberg TV interview that he expects a close solution to the legal dispute with the SEC also increased optimism. All these factors have increased market confidence in XRP.
However, Bitget chief analyst Ryan Lee points out potential over-exuberance and predicts a technical correction could occur in early August. Lee emphasizes the importance of XRP rising above the critical support level of $0.70 and maintaining its permanence above this level in order to continue its rise.
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