Ripple (XRP), which has been embroiled in legal disputes with the U.S. Securities and Exchange Commission (SEC) for years, saw a significant surge after Donald Trump won the presidential election.
Yesterday, XRP, which was originally below $1, first broke through $1, and then suddenly surged to over $2.
Although XRP subsequently rose to $2.45, the reasons for its increase are questionable.
At this time, blockchain analytics firm Scopescan indicated that South Korean investors may be the driving force behind the recent rise of XRP.
Scopescan noted in a post on X accounts that South Korean investors have driven the recent growth of XRP, adding that in the past 24 hours, XRP/KRW spot trading volume on one of South Korea's largest exchanges, Upbit, reached $3.8 billion.
With this rise, XRP has surpassed Bitcoin (BTC) and other altcoins, with trading volume reaching 11 times that of Bitcoin.
On Upbit, XRP ranks first, followed by Dogecoin (DOGE) and Shiba Inu (SHIB). Bitcoin ranks 8th, while Ethereum (ETH) ranks 11th.
Similarly, on Bithumb, another major exchange in South Korea, XRP's trading volume accumulated to $1.2 billion, accounting for 32% of the platform's total trading volume.
Solana founder calls for XRP!
Just as XRP attracted the attention of the entire market with this surge, Solana's co-founder also made a call for XRP.
Solana (SOL) co-founder Anatoly Yakovenko called for the establishment of a national XRP reserve in his post, stating: "We need a national XRP reserve."
According to data from CoinMarketCap, XRP rose to become the third-largest cryptocurrency by market capitalization, with a trading price continuing at $2.40, having increased by 28.7% in the past 24 hours.
