Key Points:
- With a 31% weekly increase, XRP’s trading volume in South Korea now surpasses that of Bitcoin.
- XRP’s trading volume of $526.8 million on Upbit exceeds that of Bitcoin ($203.57 million).
- In contrast to Bitcoin’s modest 10.89% rise, XRP’s 30.28% weekly surge reflects significant optimistic enthusiasm.
In South Korea, the trading volume for XRP (the seventh-largest cryptocurrency by market capitalization) has surpassed Bitcoin. Over the past week, the entire cryptocurrency market has grown by 11.7%, but the XRP has grown by an astonishing 31%.
The gain in XRP price is primarily due to increased interest in South Korea, which has outperformed the rest of the crypto industry.
XRP overtook Bitcoin in Korea
Particularly, the biggest cryptocurrency, Bitcoin (BTC), has a trade volume of $203.57 million on Upbit, Korea’s largest exchange. The overall trading volume of the major crypto asset across the top five Korean exchanges is $282 million.
Bitcoin Total Volume in Korea
Meanwhile, the trade volume of XRP on Upbit alone is $526.8 million. This means that the trade volume of XRP on Upbit alone is higher than the trade volume of Bitcoin on the top five exchanges in Korea. XRP accounts for 30.19% of all trade volumes on Upbit. Bitcoin dominates at just 11.56%.
Upbit Volume | CoinMarketCap
In addition, XRP has received $650.3 million on the top five Korean exchanges, which is 2.3 times more than the amount of Bitcoin. These exchanges include Upbit, Bithumb, Coinone, GOPAX, and Korbit.
XRP Total Volume in Korea
Mixed sentiment across major exchanges
In keeping with this pattern, XRP is presently on its best solo run since July of last year. Globally, XRP has seen an increase in trade volume as more market participants enter the scene. Yesterday, XRP’s trade volume reached $3.8 billion, the highest since April 13.
According to additional data, global trading volume rose 19% to $3.9 billion in the last 24 hours. This number marks a new high in the last three months.
XRP Global Volume | CoinMarketCap
Among the leading exchanges, Coinbase is an anomaly, recording a net inflow of $4.46 million in XRP. Binance and OKX saw net outflows of $13.5 million and $7.83 million, respectively. This fluctuation reflects how investor sentiment and activity in the XRP market are changing.
XRP Exchange Netflows | Coinglass
XRP has suffered a stumble on its solo run after retesting a two-month high of $0.6369 yesterday morning. The cryptocurrency is down 6.42% today. XRP has gained 23% this month.
