XRP has surged to dominate trading activity on Upbit, South Korea’s leading cryptocurrency exchange. This comes amid a broader slowdown in the crypto market, where the most significant assets are facing slight retracements.
Massive XRP Trading Activity Sweeps South Korea
CoinGecko data has shown that XRP is dominating other crypto tokens on Korea’s leading crypto exchange, Upbit. As of press time, the XRP/KRW trading pair makes up about 22% of the platform’s total daily trading volume. This amounts to roughly $1.22 billion out of a total of $4.53 billion in transactions.
Furthermore, XRP’s 24-hour trading volume jumped by 72%, as CoinMarketCap data shows, marking one of the highest spikes across the digital asset ecosystem. While most altcoins experienced modest pullbacks, XRP bucked the trend, climbing roughly 2% in part due to the explosive trading activity centered in South Korea.
Historically, South Korean investors have shown a deep affinity for XRP, often preferring it over popular assets like Bitcoin (BTC). This trend continues on the four main crypto exchanges in Korea: Bithumb, Korbit, and Coinone. Recently, all these exchanges have seen high trading volumes for XRP.
Regulation, Expansion, and Ripple’s Strategic Momentum
A key event boosting investor confidence is the upcoming U.S. Senate Banking Committee hearing. Ripple CEO Brad Garlinghouse will testify about cryptocurrency market structure legislation. His invitation is a major step for Ripple and XRP, as it shows that blockchain technology is gaining acceptance among U.S. lawmakers.
In parallel, Ripple’s global footprint is expanding. The company recently filed for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC), signaling its intent to integrate more deeply into traditional finance.
As a result of these factors, XRP is likely to remain popular in South Korea and may be poised to regain global attention. This may happen quicker as U.S. regulations improve and more institutions start using the token.
XRP Set For A Breakout Thanks To Bullish Fundamentals
Adding to the bullish narrative, crypto analyst Ali Charts has suggested a potential XRP breakout to $2.6 could be on the horizon. He pointed out that a possible inverse head-and-shoulders pattern was forming on the XRP chart. Coingape markets also reported by a XRP price breakout is imment in the coming days.
This setup typically signals the end of a downtrend and the start of a new upward trend. If confirmed, it could signal a significant shift in market sentiment, particularly since the token is experiencing a surge in trading activity from South Korean exchanges like Upbit.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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