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XRP Trading Volume Jumps on Leading South Korean Crypto Exchanges, Here's Why

Mon, 05/29/2023 - 13:14
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Tomiwabold Olajide
XRP trading now becoming norm among South Korean traders
XRP Trading Volume Jumps on Leading South Korean Crypto Exchanges, Here's Why
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According to CoinMarketCap, XRP is seeing a jump in trading volumes on South Korean crypto exchanges, notably Bithumb, Upbit and Korbit.

On the Bithumb exchange, the XRP/KRW trading pair accounted for 14.76% of all volumes, amounting to $20,891,694, and remains the second most traded asset after Bitcoin (BTC).

Bithumb is one of South Korea's largest crypto exchanges, with $205 million in daily trading volume.

The same can be seen on Korbit, a South Korean exchange and one of the oldest and largest in the crypto industry. XRP ranks as the second most traded asset after Bitcoin, with the XRP/KRW pair accounting for 19.96% of all volumes. XRP is outpacing Ethereum, which is in third place.

On South Korea's largest cryptocurrency exchange by trading volume, Upbit, XRP ranks among the top five traded assets, coming in at third place after Bitcoin and Mask Network.

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

This remains significant as the XRP price remains quite steady, up just 1.49% in the last 24 hours to $0.48.

A rise in trading volumes often coincides with price volatility as traders buy or sell large quantities to make profits. However, the XRP price is only slightly up in line with the general rise in the crypto market.

This might suggest that XRP trading is now becoming the norm among South Korean traders.

While everything is going on, whales' optimism for XRP is evident since, as crypto expert Ali noted over the weekend, this group of holders purchased 52 million XRP in the last three weeks for almost $22.9 million.

Expectations over the Ripple-SEC case reached a boiling point after Ripple CEO Brad Garlinghouse made a bold prediction that the litigation would be concluded in "weeks" rather than "months," which may indicate that the highly-publicized legal battle is about to come to a close.

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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.