Due to its legal battle with the SEC, XRP has been in the news frequently over the past few months. Once again it has made the news, but this time XRP supporters and investors can rejoice. Trading volume for XRP has increased to billions of dollars in South Korea, with the token rising 26% in the past week.
Billions of Dollars in XRP Trading Volumes on South Korean Crypto Exchanges
Trading volume for XRP soared to billions of dollars on UpBit, Bithumb, and Korbit, three of Korea’s top exchanges by volume, following the token’s 26% rise the previous week. The majority of trading activity on these exchanges typically involves bitcoin (BTC) and ether (ETH), therefore the spike in XRP volume is unusual.
UpBit led XRP trading volumes globally with nearly $790 million in tokens traded, while Binance traded $720 million.
Also Read: David Gokhshtein Predicts XRP Price Surge if Ripple Wins in SEC Deal
What is the reason for this type of rally?
South Korean traders are well known in crypto circles for driving exuberant token rallies. The so-called Kimchi Premium comes from the region, where local demand has caused bitcoin prices on local exchanges to trade at a premium of up to 30% over those of their international counterparts.
Some of this volume could be the result of sham trading, a deceptive tactic in which traders repeatedly buy and sell the same item to inflate volumes and give the appearance of active markets.
Additionally, interest in XRP comes amid rumors that the token may be classified as a commodity by the US Commodity Futures Trading Commission (CFTC), following the CFTC’s classification of bitcoin and Bitcoin. ether as commodities in a lawsuit against Binance.
XRP seems to have a bullish outlook in the markets right now. This comes from the hope that Ripple will win its lawsuit against the SEC.
The current current price of XRP is $0.541709 with a market capitalization of $27,994,564,278.
Also Read: Ripple (XRP) Price Stuck Around $0.54 – Are Bulls Chased or Preparing for the Next Jump?