- Trading volume in XRP on South Korean crypto exchanges surpassed that of bitcoin, topping 40% on UpBit and 35% on Bithumb and Korbit, indicating a high demand for XRP in the country.
- Traders warn of a correction in the coming days, however, which could damp short-term trading sentiment.
- Trading volume in XRP flipped that of bitcoin {{BTC}} on South Korean crypto exchanges this week, one symptom of the frenzy that may have helped fuel the token’s 20% rise over the period.
- Data tracked by CoinGecko shows XRP accounted for as much as 40% of trading volumes on UpBit, the country’s biggest exchange, and over 35% on Bithumb and Korbit earlier this week. That is, unusually, higher than usual leaders bitcoin and Tether's USDT, indicating a short-term demand for the tokens in the country.
- Volumes also surged on global exchanges such as Binance and OKX, but did not overtake bitcoin or ether {{ETH}}. Open interest on XRP-tracked futures more than doubled earlier this week with a bias toward bullish movements, as reported.
- Normal business resumed on Friday, with bitcoin's volume exceeding XRP's in South Korea amid a broader market slump that sent the CoinDesk 20 Index (CD20) down 1.9% in 24 hours. BTC lost 1.3% while XRP slid as much as 8%.
- In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.
- “With daily local media coverage of XRP and influencers mentioning it, it seems that trading volume is focused on the token,” Bradley Park, a Web3 analyst at on-chain analysis firm CryptoQuant, said in a Telegram message. “There seems to have been a sudden increase in trading volume as SEC-related news has been in the spotlight.”
- Gains in the token started last week as traditional futures powerhouses CME and CF Benchmarks announced the debut of indices and reference rates for XRP.
- On Wednesday, Ripple Labs CEO Brad Garlinghouse said in a Bloomberg TV interview that he expects a “resolution very soon” on the legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple.
- These comments may have boosted market confidence in the closely related XRP token, Ryan Lee, chief analyst at crypto exchange Bitget, wrote in a message to CoinDesk on Friday. However, Lee warned of a decline ahead after the market-beating performance.
- “The recent surge in XRP might trigger a technical correction, so there could be some degree of price pullback in early August. However, if the price can stay above key support levels (e.g., $0.70), it may continue to rise subsequently,” Lee said.
- This story originally appeared on Coindesk
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