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XRP Soars 20% as Trading Volume Flips Bitcoin on South Korean Exchanges
The post XRP Soars 20% as Trading Volume Flips Bitcoin on South Korean Exchanges appeared on BitcoinEthereumNews.com. Coinspeaker XRP Soars 20% as Trading Volume Flips Bitcoin on South Korean Exchanges XRP trading volume surged past Bitcoin (BTC) on South Korean exchanges this week, reflecting a global trend and causing a 20% price rise, according to CoinMarketCap. This surge, however, appears to be short-lived, raising questions about the token’s long-term prospects. Data from CoinGecko shows a major shift in South Korean trading activity. XRP made up 40% of trading volume on UpBit, the top exchange in the country, and over 35% on Bithumb and Korbit earlier this week. This change surpassed Bitcoin and Tether’s USDT, indicating a rise in short-term demand for XRP in the Korean market. The trend spread beyond South Korea, with increased trading volume on global exchanges like Binance and OKX. However, XRP did not surpass Bitcoin or Ethereum (ETH) in global volume leadership. Open interest in XRP futures contracts doubled earlier in the week, showing a bullish sentiment among traders. XRP Rally Fizzles after SEC Lawsuit Hype The market returned to normal by Friday. Bitcoin regained its volume dominance in South Korea. Bitcoin lost 0.85%, while XRP suffered a steep decline of 4.70%. South Korean traders are known for fueling euphoric rallies around specific tokens, creating temporary buying pressure, and potentially influencing global prices. Photo: CryptoQuant “The constant local media coverage and influencer mentions seem to be driving trading volume towards XRP,” commented Bradley Park, a Web3 analyst at CryptoQuant. “There appears to be a sudden increase in trading activity coinciding with the recent SEC-related news.” The token’s gains began last week when major futures players, CME and CF Benchmarks, announced the launch of XRP indices and reference rates. This news, coupled with Ripple Labs CEO Brad Garlinghouse’s statement on Bloomberg TV about an expected “resolution very soon” in the ongoing legal battle with…
The post XRP Soars 20% as Trading Volume Flips Bitcoin on South Korean Exchanges appeared on BitcoinEthereumNews.com.
Coinspeaker XRP Soars 20% as Trading Volume Flips Bitcoin on South Korean Exchanges XRP trading volume surged past Bitcoin (BTC) on South Korean exchanges this week, reflecting a global trend and causing a 20% price rise, according to CoinMarketCap. This surge, however, appears to be short-lived, raising questions about the token’s long-term prospects. Data from CoinGecko shows a major shift in South Korean trading activity. XRP made up 40% of trading volume on UpBit, the top exchange in the country, and over 35% on Bithumb and Korbit earlier this week. This change surpassed Bitcoin and Tether’s USDT, indicating a rise in short-term demand for XRP in the Korean market. The trend spread beyond South Korea, with increased trading volume on global exchanges like Binance and OKX. However, XRP did not surpass Bitcoin or Ethereum (ETH) in global volume leadership. Open interest in XRP futures contracts doubled earlier in the week, showing a bullish sentiment among traders. XRP Rally Fizzles after SEC Lawsuit Hype The market returned to normal by Friday. Bitcoin regained its volume dominance in South Korea. Bitcoin lost 0.85%, while XRP suffered a steep decline of 4.70%. South Korean traders are known for fueling euphoric rallies around specific tokens, creating temporary buying pressure, and potentially influencing global prices. Photo: CryptoQuant “The constant local media coverage and influencer mentions seem to be driving trading volume towards XRP,” commented Bradley Park, a Web3 analyst at CryptoQuant. “There appears to be a sudden increase in trading activity coinciding with the recent SEC-related news.” The token’s gains began last week when major futures players, CME and CF Benchmarks, announced the launch of XRP indices and reference rates. This news, coupled with Ripple Labs CEO Brad Garlinghouse’s statement on Bloomberg TV about an expected “resolution very soon” in the ongoing legal battle with…
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