South Korean exchanges saw XRP trading activity soar, even overtaking the largest cryptocurrency, BTC. The spectacle occurred as the US SEC (Securities and Exchange Commission) is expected to offer a resolution soon on the case it has going on against Ripple.
XRP’s price rose by 20% during the same period its trade volume registered 40% of the total volume on Upbit, South Korea’s biggest crypto exchange. Bithumb and Korbit observed XRP registering 35% of their volumes. The occurrence depicted the sudden increased demand for the altcoin.
XRP volumes on global exchanges like Binance and OKX also spiked but did not beat BTC’s and ETH’s demands. Simultaneously, the number of XRP futures contracts also burgeoned. However, XRP’s trade volume dipped below BTC on Friday as it dropped by as much as 8%, while BTC dipped by 1.3%.
South Koreans are known to follow trends, which explains their sudden interest in XRP. As Ripple emerges victorious in its lawsuits against the SEC, and it looks like another one will end that way, XRP has become the talk of the town. From Ripple and XRP frequenting news cycles to social media influencers hyping the token, South Koreans have bought into the idea of the token, adding tremendous buying pressure over the past few weeks.
Ripple Labs CEO Brad Garlinghouse even mentioned that the ongoing suit brought by the SEC against his company will find a “resolution very soon.” Currently, Ripple is facing a securities violation suit in California. The suit stems from Garlinghouse mentioning he was “long” on XRP but sold millions of dollars of the token the same year.
Nevertheless, the SEC has been dropping investigations into numerous companies, like Paxos and Stacks, over the past month. Industry onlookers feel the same will occur in this case.
