XRP, the 7th largest cryptocurrency by market capitalization, has overtaken Bitcoin in trading volume across South Korea. While the overall crypto market has increased by 11.7% in the past week, XRP has surged an impressive 31% during the same period.
This rise in XRP’s price is mainly due to growing interest in South Korea, significantly outperforming the rest of the crypto market.
XRP’s Significant Rise in Korea
Over the last 24 hours, XRP has recorded $650 million in trading volume on Korea’s top exchanges, which is more than 2.3 times the trading volume of Bitcoin during the same period. On Upbit, Korea’s largest exchange, XRP alone commanded $526.8 million in trading volume, overshadowing Bitcoin’s $203.57 million across the top five Korean exchanges.
This dominance highlights XRP’s resurgence, driven by renewed interest from South Korean investors. XRP’s performance has been exceptional, surging by 31% over the past week while the broader crypto market increased by 11.7%.
Globally, XRP’s trading volume has also seen a significant uptick, reaching $3.8 billion recently, marking its highest volume since April. This surge in global interest comes amid a bullish trend, with XRP gaining 23% in July alone.
Despite its impressive run, XRP faced a minor setback today, dropping from a recent high of $0.6369 to $0.58 reflecting a decline of 6.42%.
Mixed Sentiment Across Major Exchanges
Coinbase stands out as an exception among major exchanges, recording net inflows of $4.46 million into XRP. Conversely, Binance and OKX experienced net outflows of $13.5 million and $7.83 million, respectively. This movement shows us the shifting investor sentiment and activity in the XRP market.
What is the Market Saying?
According to a recent market analysis, XRP has surged above a long-standing resistance trend, surpassing key technical indicators such as the 200-week and 50-week moving averages (MAs). These are represented by the green and purple lines, respectively.
Analysts are also buzzing about rumors of a secret meeting between Ripple Labs and the SEC, speculating that it could be pivotal for Ripple’s legal case. If favorable, this could mark a major turning point for XRP, potentially forming the biggest “W pattern” seen in a long time.
Moreover, XRP’s relative strength index (RSI) is currently around 67, indicating that the asset is slightly overbought. This suggests that a price correction could be possible in the near future, as market dynamics continue to evolve.
XRP’s skyrocketing popularity has caught the attention of the world. What’s next?
