Key Points
- XRP’s 24-hour trading volume in South Korea has surpassed Bitcoin’s, reaching $650 million.
- Optimistic sentiments around Ripple’s ongoing legal battle with the SEC have coincided with this trading surge.
XRP Trading Volume Surges in South Korea
Ripple’s [XRP] has experienced a significant increase in popularity in the cryptocurrency market, especially in South Korea. It has now overtaken Bitcoin as the most traded cryptocurrency in the country.
Over the past few weeks, XRP has been on a bullish trend, increasing by nearly 40% in the past 14 days and 20% in the past seven days. This positive price performance has led the asset to exceed the $0.6 mark and trade as high as $0.63 as of the 18th of July.
Factors Contributing to XRP’s Rise
The trading volume of XRP in South Korea has notably increased, with the 24-hour trading volume reaching $650 million, significantly exceeding Bitcoin’s $282 million. Most of this trading activity has been centered on the Upbit exchange, where XRP’s volume reached $526.8 million.
This surge indicates growing investor interest in XRP and its increasing relevance in the region’s crypto market. The increase in XRP’s trading volume and price has coincided with heightened market optimism surrounding Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
XRP’s Performance in the Overall Market
Apart from its success in South Korea, XRP has also been performing well in the overall crypto market. Santiment, a market intelligence platform, revealed a surge in network activity for XRP. New and total addresses interacting on the XRP Ledger have reached levels not seen since March, indicating a vibrant and expanding network.
The Network Value to Transactions (NVT) ratio, which compares the market value of a crypto network to the volume of transactions on that network, can provide deeper insights into XRP’s market position. For XRP, a press time NVT ratio of approximately 110 suggested that the market may be valuing the network highly, compared to the volume of transactions it processes.
