Trading activity for XRP is high in South Korea, where traders tend to get excited about tokens that are rising in price.
Optimism from traders has pushed the XRP token to the top of the market, surpassing both Bitcoin and most other major altcoins during Asian trading hours.
XRP jumped 7% in 24 hours to over $0.6483, its highest level since March 25, amid a scheduled major token unlock and rising hopes for a smooth resolution of the case. The lawsuit lasted nearly 4 years between the SEC and Ripple.
XRP 1-day price chart | Source: TradingView
A document filed on Tuesday shows that the U.S. Securities and Exchange Commission (SEC) intends to amend its complaint against exchange Binance, including matters related to “Financial Securities Third Party Crypto Products.” This potentially means the judge won't have to decide whether 10 other altcoins like Solana (SOL) and Polygon (MATIC) are unregistered securities.
While the document does not name any tokens, traders say this could be a sign that the legal dispute between the SEC and Ripple Labs, which the regulator alleges issues XRP, could be heading towards. ending. Ripple and XRP are not interchangeable. While Ripple is a fintech company focused on building a global payment network, XRP is an independent digital asset used for activities such as online payments and currency swaps.
Ripple is expected to unlock 1 billion XRP, equivalent to $641 million at current prices, in August as part of a predetermined unlocking schedule.
While the theory is that introducing more token supply to the market will reduce prices, a growing body of research suggests this could fuel the current bullish market trend due to increased liquidity.
Market data from CoinGecko shows that demand for XRP comes from South Korea. The XRP/KRW trading pair reached $386.5 million compared to Binance's XRP/USDT trading pair, which reached $352.5 million in volume.
In crypto circles, Korean traders are known for driving sharp price increases for tokens, contributing to buying pressure and possibly influencing prices. In early July, XRP trading activity on local exchanges surpassed the usual leading tokens such as Bitcoin and USDT, contributing to a 20% increase in these tokens.
Source: https://tapchibitcoin.io/xrp-tang-7-giua-hy-vong-ripple-thang-kien-sec.html
