Altcoins
South Korea’s New Trading Champion
- XRP’s 24-hour trading volume in South Korea reached $650 million, surpassing Bitcoin’s $282 million.
- This increase in trading coincided with optimistic sentiments around Ripple’s ongoing legal battle with the SEC.
These last weeks, Ripple [XRP] has become a formidable player in the cryptocurrency market, particularly in South Korea, where it has now surpassed Bitcoin [BTC] as the most traded cryptocurrency.
The move comes as XRP has been on a strong upward trajectory for the past few weeks, up nearly 40% in the past 14 days and 20% in the past seven days.
This bullish price performance saw the asset break through the $0.6 mark and trade as high as $0.63 on July 18.
However, at press time, the asset appeared to be experiencing a price correction, falling 6.1% over the past 24 hours to bring its price to around $0.5485 at the time of writing.
Surpassing Bitcoin
XRP trading volume in South Korea has increased significantly, with data indicating a 24-hour trading volume of $650 million, far exceeding Bitcoin’s $282 million.
Most of this trading activity was concentrated on the Upbit exchange, where XRP volume reached $526.8 million.
This increase reflects not only the growing investor interest in XRP, but also its growing relevance as a major competitor in the cryptocurrency market in the region.
Does the Ripple-SEC affair play a role?
The increase in XRP trading volume and price coincided with increased market optimism surrounding Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
This legal tangle appears to have piqued investor interest, particularly in South Korea, suggesting strong confidence in the asset’s future prospects.
In July 2023, XRP accomplished a similar dominant trading position, which has been correlated with higher prices following favorable regulatory news from the SEC.
This pattern appears to be repeating itself, with XRP’s current market performance mimicking past trends that have historically led to significant price increases.
How is XRP performing in the global market?
Not only is XRP doing well in South Korea, but it also appears to be doing well in the overall cryptocurrency market,
Santiment, a leading business intelligence platform, has already revealed an increase in network activity for XRP.
New and total addresses interacting on the XRP Ledger reached levels not seen since March, indicating a vibrant and expanding network.
This increase in network activity is coupled with historical comparisons to 2017, where similar trends preceded a surge to record XRP prices.
Meanwhile, AMBCrypto recently reported that XRP was mimicking a pattern it followed in 2017, which sent the token to an all-time high.
Understanding the importance of the network value to transactions (NVT) ratio can provide deeper insights into XRP’s market position.
The NVT ratio, which compares the market value of a crypto network to the volume of transactions on that network, is an indicator of the utility and relative value of the asset.
Source: CryptoQuant
Realistic or not, here it is XRP Market Cap in BTC Terms
For XRP, a press time NVT ratio of around 110 suggested that the market might place a high value on the network, relative to the volume of transactions it processes.
This could be interpreted as a bullish signal, especially if the high NVT ratio is supported by increasing trading volumes or the growing utility of the XRP ledger.