XRP trading volume were results of increased interest from Korean investors, can the price benefit?
XRP has surpassed Bitcoin in terms of trading volume on South Korea’s two largest exchanges, Upbit and Bithumb, according to CoinMarketCap. The cumulative trading volume of XRP on the two platforms in the last 24 hours was over $348 million.
The figure was obtained in pairs in South Korean won. As a result, the volume of XRP traded on Upbit surpassed that of the largest cryptocurrency exchange, Binance, by roughly 100 million tokens.
Trading volume on Upbit | Source: CoinMarketCap
Members of the XRP community also noted the peculiarity, as the cryptocurrency price soared 9% at one point yesterday amid a heated crypto market.
The XRP price and trading volume surged due to increasing interest from Korean investors. Yet, the precise reasons underlying this tendency are unknown.
Popular thinking holds that Koreans spotted an opportunity to benefit from XRP after the price reversed after Tuesday’s 26% gain. The enthusiasm of Korean retail investors, evident following the Aptos (APT) tale, was sufficient for XRP to outperform the rest of the crypto market.
It’s unclear how long this oddity will endure. Based on APT price behavior in January, the Korean bids could signal the end of the XRP mini-rally. On the one hand, a large-scale price correction could occur at any time, while on the other, XRP could continue to outperform for some time.
Doesn’t matter whether XRP or BTC, you can’t just decide “oh we are going to say it is worth $10k”. The price is dictated by the market.
— Matt Hamilton (@HammerToe) March 26, 2023
Former Ripple Director of Developer Relations Matt Hamilton claims that the price of XRP is determined by the market, not because someone decided to cook the books and approve it at $10,000. A famous member of the XRP community known as Crypto Eri shared the same sentiment, adding that this was not a game she wanted to play with her assets.
The SEC case has boosted XRP’s hope
Although XRP has primarily traded in sync with the broader market, the asset’s recent surge can be attributed to increased hope that Ripple would prevail in its legal battle with the US regulator. Notably, Ripple is being sued by the SEC for marketing unregistered securities in the form of XRP tokens.
One ray of hope surfaced after attorney James Filan revealed on Twitter that the defendants in the case had filed a Letter Notice of Additional Authority. According to the filing, Judge Michael E. Wiles of the United States Bankruptcy Court rejected the SEC’s argument because it lacked clarity.
The defendants appear to use this judgment to strengthen their fair notice case, giving XRP investors more optimism. Also, there is rising speculation about the prospect of the presiding judge ordering the release of the Hinman records. This could reveal how the SEC initially regarded the classification of securities.
Notwithstanding the SEC’s concerns, pro-XRP lawyer John Deaton believes the materials will eventually be made public. According to Deaton, even if the judge does not order the records to be opened, they will be used to form her decision, and so designated as “judicial documents,” resulting in their eventual unsealing. Ripple guarantees that a significant percentage of the company’s operations is headquartered outside the United States also helping XRP.
Read more:
- XRP Price Might Also Be Boosted By Broader Crypto Market Sentiment
- Expectations Mount As Ripple Lawsuit Nears Resolution