South Korean Crypto Exchanges See Surge in XRP Trading Volumes
South Korea’s three largest crypto exchanges, Bithumb, Upbit, and Korbit, have seen a surge in trading volumes of XRP in recent days. XRP represented 37%, 18%, and 50% of the total transaction volume on Bithumb, Upbit, and Korbit, respectively. This increase in activity is thought to be due to the recent surge in XRP prices. They have risen by almost 20% over the past seven days.
XRP Dominates Transaction Volume on Korean Crypto Exchanges, Upbit, Bithumb, and Korbit
The sudden rise in XRP trading on Korean virtual currency platforms is unusual, as BTC and ETH transactions typically make up the majority. However, the increase in trading volume may be due in part to wash trading, a practice where a trader repeatedly floods the order book with buy and sell requests for the same asset.
There is speculation that XRP may be categorized as a non-securities commodity. It has fueled the surge in interest in XRP. Ripple, XRP’s issuer, has a chance of winning a legal fight against the U.S. if XRP is deemed a commodity. This could help fuel the growth of XRP and other alternative cryptocurrencies.
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The statistics from CoinMarketCap and Coinbase reveal that XRP has seen a significant increase in trading volume in the previous 24 hours, with involvement in 37% and 18% of all transactions, respectively. Furthermore, XRP’s percentage of currency trades has risen to 50%. This surge in trading volume is noteworthy, as Upbit, Bithumb, and Korbit are the largest crypto exchanges in South Korea.
Upbit’s XRP Trading Volumes Surpass Binance at Over $790 Million
Upbit alone saw XRP trading volumes of over $790 million. It surpassed the trading volume of Binance, which stood at $720 million. Moreover, if XRP continues to gain traction in Korea, it could have a significant impact on the global price of XRP.
Despite the surge in XRP trading volumes, the current valuation of XRP has dropped by 1.99%, to $0.5404. However, XRP has experienced substantial gains over the past week, with the price rising almost 20%. Whether XRP’s recent popularity surge will continue or not remains to be seen.
It is worth noting that XRP’s classification as a security or a commodity is currently being debated. If XRP is classified as a commodity, it could lead to significant growth for Ripple and XRP, as it would exempt them from the strict securities regulations set forth by the SEC. This development could further fuel XRP’s growth and popularity in the crypto market.
