South Korea Witnesses XRP Surpass Bitcoin as Trading Volume of XRP Soars by 31
XRP Surpasses Bitcoin in Trading Volume in South Korea, Eyeing All-Time High
In a surprising turn of events, XRP, the seventh largest cryptocurrency by market capitalization, has overtaken Bitcoin in trading volume across South Korea. The past week has seen a remarkable surge of 31% in XRP’s trading volume, while the overall crypto market has only increased by 11.7%.
This surge in XRP’s price can be attributed to the growing interest in South Korea, where it has significantly outperformed the rest of the crypto market. Over the last 24 hours, XRP has recorded an impressive $650 million in trading volume on Korea’s top exchanges, more than 2.3 times the trading volume of Bitcoin during the same period. Upbit, Korea’s largest exchange, alone accounted for $526.8 million in XRP trading volume, overshadowing Bitcoin’s $203.57 million across the top five Korean exchanges.
This dominance of XRP in the South Korean market highlights its resurgence, driven by renewed interest from South Korean investors. While the broader crypto market increased by 11.7% over the past week, XRP has surged by 31%. Globally, XRP’s trading volume has also seen a significant uptick, reaching $3.8 billion recently, its highest volume since April. This surge in global interest comes amidst a bullish trend, with XRP gaining 23% in July alone.
However, despite its impressive run, XRP faced a minor setback today, experiencing a decline of 6.42% from its recent high of $0.6369 to $0.58.
Coinbase stands out as an exception among major exchanges, recording net inflows of $4.46 million into XRP. On the other hand, Binance and OKX experienced net outflows of $13.5 million and $7.83 million, respectively. This movement indicates a shift in investor sentiment and activity in the XRP market.
Looking ahead, market analysis suggests that XRP’s price may soar even higher. It has surpassed a long-standing resistance trend and key technical indicators such as the 200-week and 50-week moving averages. This bullish movement has sparked optimism among analysts, who believe that if things go well for Ripple in their legal case with the SEC, it could mark a major turning point for XRP, potentially forming the biggest “W pattern” seen in a long time.
However, it is worth noting that XRP’s relative strength index (RSI) is currently around 67, indicating that the asset is slightly overbought. This suggests that a price correction could be possible in the near future.