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XRP Becomes Top Traded Asset on South Korea's Bithumb, Surpassing Bitcoin (BTC)

Thu, 05/18/2023 - 15:15
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Tomiwabold Olajide
XRP also top traded asset on Upbit and Korbit
XRP Becomes Top Traded Asset on South Korea's Bithumb, Surpassing Bitcoin (BTC)
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According to CoinMarketCap, XRP has taken the top spot in terms of trading volume on South Korean crypto exchange Bithumb.

Bithumb is one of South Korea's largest crypto exchanges, with $205 million in daily trading volume at the time of writing and 170 listed cryptocurrencies.

On the Bithumb exchange, the XRP/KRW trading pair accounted for 26% of all volume, amounting to $37,619,722, and remains the most traded asset, surpassing Bitcoin (BTC).

XRP also took the top spot in traded assets on Upbit, South Korea's largest cryptocurrency exchange. The XRP/KRW pair led the pack, capturing 17.26% of trading volumes, or $149,157,173.

The same can be seen on Korbit, another Korean crypto exchange. Notably, the XRP/KRW trading pair accounted for a staggering 44.4% of all volume on Korbit, amounting to $1,441,457.

XRP trading volume jumped on Upbit, Bithumb and Korbit, which are Korea's top exchanges by volume, on the back of the token's current price increase amid the latest ruling in the Ripple-SEC lawsuit.

Yesterday, District Judge Analisa Torres ruled that the documents tied to the 2018 speech — in which former SEC Director of Corporation Finance William Hinman stated that, in his view, Ethereum was not a security —cannot be sealed in a court order.

XRP: Crypto Wallet Provider Shares Important Information for XRP Holders

The recent court ruling has also given prominent lawyers in the XRP community some hope that the Ripple-SEC lawsuit, which has dragged on for more than two years, might be nearing its end.

Jeremy Hogan, attorney at Hogan and Hogan, thinks that the language of the ruling "reads as though at least a large portion of the Order on Summary Judgment has already been drafted."

XRP increased subsequently by almost 7%, with the rise being sustained even at the time of writing. It currently remains up 4.37% in the last 24 hours at $0.466, and it likewise remains up 10.34% in the last seven days.

South Korean traders are known in the cryptocurrency community for pushing rallies on tokens. Hence, it comes as no surprise that there has been a surge in XRP trading volumes on these crypto exchanges.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.