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Ripple (XRP) trading volume on Korean exchanges skyrockets: report
XRP is one of the few crypto assets that has outperformed Bitcoin in the recent market-wide rally. Traders are betting on a potential victory for blockchain firm Ripple's multi-year legal battle against the U.S. Securities and Exchange Commission, with a decision expected in April. In the last two weeks alone, XRP is up 40%. XRP's Retail-Driven Rally According to Kaiko's latest report, XRP trading activity was heavily concentrated on South Korean exchanges, with volumes on Upbit and Bithumb at times exceeding those of Bitcoin and Ethereum. Last week, trading volume exceeded $2 billion. This is the highest level since September 2022. Kaiko reported...
Ripple (XRP) trading volume on Korean exchanges skyrockets: report
XRP is one of the few crypto assets that has outperformed Bitcoin in the recent market-wide rally. Traders are betting on a potential victory for blockchain firm Ripple's multi-year legal battle against the U.S. Securities and Exchange Commission, with a decision expected in April.
In the last two weeks alone, XRP is up 40%.
XRP’s Retail-Driven Rally
According to Kaiko's latest report, XRP trading activity was heavily concentrated on South Korean exchanges, with volumes on Upbit and Bithumb at times exceeding those of Bitcoin and Ethereum.
Last week, trading volume exceeded $2 billion. This is the highest level since September 2022. Kaiko noted that open interest in XRP perpetual futures also increased to $471 million from $230 million. Furthermore, funding rates turned positive, indicating that traders were mostly taking long positions.
The report from the Paris-based crypto data provider also noted that the sell-side imbalance in market orders of over 200,000 XRP tokens suggests that whales have indulged in selling into the price rally. As whales take profits, the recent rally in XRP appears to be retail-driven.
"Looking at buy and sell transactions on the two largest Korean exchanges, Upbit and Bithumb, market sell orders overwhelmingly outperformed market buys for orders above 200,000 XRP (~$95,000). In contrast, the buy/sell ratio was much more balanced for smaller orders."
Ripple Vs. SEK
The ongoing case between Ripple and the SEC has been full of twists and turns. The narrative that Ripple controls the price of XRP has been argued not only in court but also on social media. Crypto lawyer Bill Morgan recently stated that while the securities regulator alleged in its motion for summary judgment, Ripple took several actions to support the price of XRP, but failed to prove that the action worked.
The crypto asset has seen a steady rise in price this year amid increasing optimism over the SEC's potential defeat. Furthermore, the crypto asset gained significantly in the later phase of March.
In yet another related development, Ripple announced a partnership with the Central Bank of Montenegro (CBCG) to develop a strategy to launch the country's CBDC.
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