The recent positive movement in XRP’s price appears to have sparked a new wave of investor interest in the coin. XRP has surpassed the largest crypto asset by market cap, Bitcoin, in terms of trading volume on exchanges in South Koreaindicating a change in market dynamics in the country. With renewed optimism in the cryptocurrency sector, the fact that XRP is outperforming Bitcoin in this important metric demonstrates its growing relevance in the market.
XRP Trading Volume Surpasses Bitcoin in Korea
On Thursday, XRP once again demonstrated its importance in the cryptocurrency market by attracting a significant share of overall trading activity in South Korea. Armando Pantoja, Crypto Advisor at Benzinga News Outlet, sharing the positive development on the X platform (formerly Twitter), which has sparked new optimism around the altcoin in the community.
Pantoja reported that the token saw an increase in trading volume twice that of Bitcoin in the country. The crypto asset generated a whopping $650 million in trading activity, while Bitcoin saw a much lower volume of $282 million.
This recent surge is illustrated by the growing interest of Korean investors in this digital asset. It also marks an important moment for the altcoin, given South Korea’s presence in the sector as a major player.
It is important to note that last July, the cryptocurrency significantly outperformed Bitcoin in the Korean market. However, this happened when the asset’s value reached the price level of $0.93, triggered by positive sentiment around the favorable decision in its lawsuit against the United States Securities and Exchange Commission (SEC).
At the same time, this recent surge coincides with the price rising above $0.58 for the first time since the market’s general pullback in April. The increase in whale and shark coin holdings with over 100,000 XRP coins, a notable shift in the supply accumulation that began in August last year, is believed to be behind this comeback.
Over the past week, XRP has seen a value increase of over 17%, trading at $0.5544. Despite the recent increase in trading volume, its overall market capitalization still has a negative outlook, having fallen by over 5%.
Optimistic narratives from the crowd around the crypto asset
As several tokens continue to navigate the current rallies in crypto markets, Santiment, a leading market intelligence platform, highlighted XRP as one of the coins Investors should be wary of Litecoin (LTC).
Santiment is confident that the altcoin will attract more price gains over the coming day. However, given the crowd’s euphoria, the platforms warn that the token could be a high-risk, high-reward investment this week.
Featured image from Adobe Stock, chart from Tradingview.com
