The recent positive price movement in XRP appears to have triggered a new wave of investors’ interest regarding the coin. XRP has surpassed the largest crypto asset by market cap, Bitcoin, in trading volume across exchanges in South Korea, indicating a shift in market dynamics in the country. With fresh optimism in the cryptocurrency sector, XRP surpassing Bitcoin in this important metric demonstrates its increasing relevance in the market.
XRP Trading Volume Smashes Bitcoin In Korea
On Thursday, XRP once again displayed its prominence in the crypto market by attracting a significant portion of the overall trading activity in South Korea. Armando Pantoja, a crypto advisor at Benzinga News Outlet, shared the positive development on the X (formerly Twitter) platform, which has caused quite a fresh optimism around the altcoin in the community.
Pantoja reported that the token recorded a surge in its trading volume twice that of Bitcoin in the country. The crypto asset garnered a whopping $650 million in trading activity, while Bitcoin saw a far less volume of $282 million.
This recent increase is evidenced by the growing interest in the digital asset among investors in Korea. It also marks a significant moment for the altcoin, given South Korea’s presence in the industry as a major participant.
It is important to note that in July last year, the coin surpassed Bitcoin on the Korean market by this large margin. However, this occurred when the asset’s value rose to the $0.93 price level, triggered by positive sentiment around the favorable decision in its lawsuit against the United States Securities and Exchange Commission (SEC).
Meanwhile, this recent surge coincides with a price rise above $0.58 for the first time since the market-wide pullback in April. The increase in coin holding from whales and sharks with more than 100,000 XRP coins, a noticeable shift in supply accumulation that started in August of last year, is believed to be driving this comeback.
Over the past week, XRP has witnessed an increase in value of over 17%, trading at $0.5544. Despite the recent rise in trading volume, its overall market cap still displays a negative outlook, which has dropped by over 5%.
Bullish Crowd Narratives Around The Crypto Asset
As several tokens continue to navigate the current rebounds in the crypto markets, Santiment, a top market intelligence platform, has pointed out XRP as one of the coins investors should watch out for alongside Litecoin (LTC).
Santiment is confident that the altcoin will attract more price gains in the upcoming day. However, given the crowd euphoria, the platforms warn that the token could be a high-risk, high-reward investment this week.
Featured image from Adobe Stock, chart from Tradingview.com
Be the first to comment