XRP Trading Volume Soars on Korean Exchanges as Traders Bet on Ripple’s Victory Against SEC
XRP has been making headlines lately, with its trading volumes reaching its highest level since September 2022. According to a report by Kaiko, traders have been placing their bets on XRP as they anticipate a victory for Ripple in its ongoing legal battle against the US Securities and Exchange Commission (SEC).
The ruling on this case is expected to be announced in April, and it appears that the anticipation of a favorable decision for Ripple is driving the current surge in XRP prices. In fact, XRP prices have gone up by over 40% since March 20th, and its perpetual futures open interest has surged to $471 million, up from $230 million.
Interestingly, the trading activity for XRP has been heavily concentrated on Korean exchanges, with volumes on Upbit and Bithumb at times surpassing BTC and ETH. XRP trading volumes exceeded $2 billion last week, signaling the strong interest in the cryptocurrency among traders.
The question that arises, however, is whether this rally is retail or whale-driven. According to the tick-level trade data, whales have been taking profit, which suggests that the rally is more retail-driven. This means that smaller investors and traders are the ones driving up the price of XRP.
A closer look at the buy and sell transactions on the two largest Korean exchanges, Upbit and Bithumb, reveals an interesting trend. Market sell orders overwhelmingly outpace market buys for orders over 200k XRP (~$95k), indicating that large investors and traders are taking profits at these levels. On the other hand, the buy/sell ratio is much more balanced for smaller orders, suggesting that retail investors are still bullish on XRP.
Overall, it appears that XRP is on the rise, and traders are betting on a positive outcome for Ripple in its legal battle against the SEC. While the rally may be driven by retail investors, it remains to be seen whether this upward trend will continue or whether the whales will re-enter the market and take control.
Read more:
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- Will A Ripple Victory In The SEC Lawsuit Kick-Off The Altcoin Season?
- The XRP Price Bullish Thesis Of Ripple Community Is Debated