2023-5-24 15:20 |
In a surprising turn of events, XRP, the native cryptocurrency of the Ripple network, has overtaken Bitcoin (BTC) as the most traded asset on the largest South Korean cryptocurrency exchanges by trading volume, Upbit and Bithumb.
For the second consecutive day, XRP, the sixth-largest cryptocurrency by market cap, has managed to outshine Bitcoin in trading volume signalling the growing popularity of XRP among Korean investors and a potential change in the cryptocurrency landscape.
Currently, XRP maintains its position as the highest-ranked cryptocurrency in terms of daily trading volume. It recorded approximately $208 million daily trading volume on UPBIT and $50 million on Bithumb. In comparison, Bitcoin had a trading volume of $96 million on UPBIT and $27 million on Bithumb during the past 24 hours.
XRP’s rise to dominance can be attributed to several factors. Ripple’s strategic partnerships with major Korean financial institutions such as GME, South Korea’s largest remittance service firm and major exchanges have played a crucial role in fostering the adoption of XRP.
Additionally, XRP’s unique attributes, such as its fast transaction speed and low fees, as well as the ability to facilitate seamless cross-border payments, have made it an appealing choice for Korean traders seeking efficient and cost-effective crypto transactions.
Additionally, the increasing popularity of XRP can be attributed to investors placing their confidence in Ripple’s potential victory in the ongoing legal battle against the SEC. The two-and-a-half-year legal dispute involves the SEC accusing Ripple and two of the firm’s top officials of violating US securities laws by selling XRP as an unregistered security. On the other hand, Ripple has continually maintained that XRP should be classified as a digital currency, not a security.
As the legal case approaches its conclusion, investors are growing more optimistic about Ripple’s chances of winning, with the expectation that the SEC will lose key arguments. Such an outcome could potentially drive XRP’s price to new heights.
It is worth noting that this surge in XRP’s popularity is not the first of its kind in South Korea. Last month, XRP witnessed an extraordinary surge in trading volumes, reaching billions of dollars on three prominent Korean exchanges, UpBit, Bithumb, and Korbit. Notably, from January 1st to April 18th, the total value of XRP traded in Korea exceeded a staggering $16 billion.
Meanwhile, XRP’s significant increase in trading volume aligned with a price rally of approximately 2% over the past 24 hours. The token currently trades at $0.46, reflecting an overall gain of just over 8% within the past week. On the other hand, Bitcoin was trading at $26,717, down just over 2% in the past 24 hours, according to CoinMarketCap data.
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