Due to its legal battle with the SEC, XRP has been in the news frequently over the past few months. Once again, it has made news, but this time, XRP supporters and investors can rejoice. Trading volume for XRP increased to billions of dollars in South Korea as the token increased by 26% in the last week.
Billions of Dollars in XRP Trading Volumes on South Korean Crypto Exchanges
Trading volume for XRP skyrocketed to billions of dollars on UpBit, Bithumb, and Korbit, three of Korea’s major exchanges by volume, as a result of the token’s 26% spike in the previous week. The majority of trading activity on these exchanges typically involves bitcoin (BTC) and ether (ETH), therefore the spike in XRP volume is unusual.
UpBit led worldwide XRP trading volumes with nearly $790 million worth of tokens traded, while Binance traded $720 million.
Also Read: David Gokhshtein Predicts XRP Price Surge if Ripple Prevails in SEC Case
What is the reason for this type of rally?
South Korean traders are well known in crypto circles for driving exuberant rallies on tokens. The so-called Kimchi Premium comes from the area, where local demand has caused bitcoin prices on local exchanges to trade at a premium of up to 30% over those of their international counterparts.
Some of such volume might be the result of wash trading, a deceptive tactic in which traders repeatedly buy and sell the same item to inflate volumes and give the appearance of active markets.
Furthermore, interest in XRP comes amid rumors that the token may be categorized as a commodity by the United States Commodity Futures Trading Commission (CFTC), following the CFTC’s classification of bitcoin and ether as commodities in a lawsuit against Binance.
XRP appears to have a bullish outlook in the markets right now. This comes from a hope that Ripple will win its lawsuit against the SEC.
The current price today of XRP is $0.541709 USD with a market cap of $27,994,564,278 USD.
Also Read : Ripple(XRP) Price Stuck around $0.54-Are Bulls Driven Away or Preparing for the Next Gaint Leap?
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