XRP volumes surpass those of Bitcoin on South Korean exchanges driven by hopes for Ripple settlement success this week.

South Korean cryptocurrency exchanges have witnessed a significant surge in trading volumes of XRP, surpassing those of bitcoin (BTC) and other prominent tokens. The data, tracked by CoinGecko, indicates that XRP accounted for as much as 40% of trading volumes on UpBit, the country’s largest exchange, and over 35% on Bithumb and Korbit earlier this week.

Unprecedented Demand for XRP in South Korea

The high demand for XRP in South Korea has been attributed to a combination of factors. Bradley Park, a Web3 analyst at CryptoQuant, pointed out that the sudden increase in trading volume may be linked to the recent spotlight on SEC-related news, which has been dominating local media coverage and influencing prices.

Gains in XRP

The gains in XRP started last week with the announcement of indices and reference rates for XRP by traditional futures powerhouses CME and CF Benchmarks. This development may have contributed to the increased market confidence in the token, as investors began to see XRP as a more viable investment option.

Ripple Labs CEO’s Comments Boost Market Confidence

On Wednesday, Ripple Labs CEO Brad Garlinghouse stated in a Bloomberg TV interview that he expects a ‘resolution very soon’ on the legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple. This comment may have further boosted market confidence in XRP, as investors began to see a potential resolution to the ongoing litigation.

Market Sentiment: Correction Ahead

However, not all experts are optimistic about the short-term prospects of XRP. Ryan Lee, chief analyst at crypto exchange Bitget, warned of a decline ahead after the market-beating performance. "The recent surge in XRP might trigger a technical correction, so there could be some degree of price pullback in early August," he said.

Key Support Levels

Lee emphasized that if the price can stay above key support levels (e.g., $0.70), it may continue to rise subsequently. However, this is speculative and depends on various market factors.

Global Exchanges: XRP Trading Volumes Surge

While XRP trading volumes surpassed those of bitcoin on South Korean exchanges, the data from global exchanges such as Binance and OKX shows that volumes surged on these platforms as well. However, the token did not overtake bitcoin or ether (ETH) in terms of trading volume.

Open Interest: Bullish Bias

The open interest on XRP-tracked futures more than doubled earlier this week with a bias toward bullish movements. This indicates that investors are increasingly optimistic about the prospects of XRP and may be willing to take on more risk to profit from potential price increases.

Conclusion

In conclusion, the surge in trading volumes of XRP on South Korean exchanges is a clear indication of high demand for the token in the country. However, experts warn of a correction ahead, which could dampen short-term trading sentiment. The market will continue to watch the developments closely and respond accordingly.

Table of Key Statistics

| Exchange | Trading Volume |
| — | — |
| UpBit | 40% |
| Bithumb | 35% |
| Korbit | 35% |

Recommendations for Investors

• Diversify Your Portfolio: With the surge in trading volumes and potential price increases, it’s essential to diversify your portfolio to minimize risk.
• Stay Informed: Keep track of market developments, including SEC-related news and expert analysis, to make informed investment decisions.
• Set Realistic Expectations: Understand that XRP prices may fluctuate due to various market factors, and set realistic expectations for potential returns.

By following these recommendations, investors can make more informed decisions and navigate the complexities of the cryptocurrency market.