Home Altcoins News Upbit Dominates XRP Trading Volume as Crypto Enjoys Post-Legal Victory Surge

Upbit Dominates XRP Trading Volume as Crypto Enjoys Post-Legal Victory Surge

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In the wake of Ripple’s legal victory against the U.S. Securities and Exchange Commission (SEC), the cryptocurrency market has experienced a resurgence, with XRP leading the charge. Among the various exchanges witnessing an upswing in trading activity, Upbit, South Korea’s renowned platform, has emerged as the dominant player in XRP trading volume, surpassing competitors, including the global giant Binance.

Colin Wu, a prominent blockchain reporter, was among the first to highlight this bullish development. In a recent tweet, Wu emphasized the substantial contributions made by South Korean investors to the ongoing XRP rally, solidifying their role as key drivers of the cryptocurrency’s surge.

Data compiled by CoinGecko reveals that Upbit, South Korea’s largest exchange, recorded an impressive 24-hour trading volume of $2.57 billion for the XRP/KRW pair. This figure represents a substantial 18.82% share of the global trade volume for XRP across all exchanges. Similarly, Binance, a leading global exchange, experienced a surge in XRP trading volume, reaching $2.16 billion for the XRP/USDT pair, accounting for 15.82% of the global XRP trade volume.

It is crucial to note that the surge in trading volume reflects a renewed interest among investors. Just a day earlier, XRP’s 24-hour volume stood at $613.5 million. However, this figure has skyrocketed to an impressive $13.58 billion, representing an extraordinary 2,114% increase.

The recent surge in trade activity closely follows the favorable ruling by Judge Torres, which deemed XRP as a non-security. This landmark decision sparked a wave of excitement within the XRP community and the wider cryptocurrency space. Judge Torres also addressed the SEC’s allegations against Ripple and its executives, clarifying that while Ripple’s institutional sales of XRP could be categorized as an investment contract, programmatic sales, as well as sales by Chris Larson and Brad Garlinghouse, do not fall under the same classification.

The favorable ruling acted as a catalyst, propelling XRP’s price to rally by an impressive 30% within a mere three hours. The surge culminated in XRP reaching a one-year high of $0.82. Although the momentum has slightly decreased, XRP continues to trade at $0.79, indicating a substantial 68% increase in the past 24 hours.

The surge in trading activity has not come without its challenges. Uphold, a platform supporting XRP trading, faced difficulties handling the increased load generated by the heightened interest. However, exchanges such as Coinbase and Kraken swiftly relisted XRP after an absence of over two years, enabling traders to capitalize on the renewed market fervor.

While Upbit’s dominance in XRP trading volume highlights the significant role of South Korean investors, it also underscores the broader reach and influence of the cryptocurrency market. South Korea has been at the forefront of cryptocurrency adoption and has one of the most active crypto trading communities globally.

The surge in XRP trading volume on Upbit and other South Korean exchanges can be attributed to various factors. Firstly, the legal victory provided much-needed clarity and reassurance to investors, solidifying XRP’s position as a regulated digital asset. This newfound confidence led to a rush of trading activity, particularly among South Korean investors who have traditionally shown a strong interest in cryptocurrencies.

Secondly, South Korea has a robust crypto ecosystem supported by favorable regulations and a tech-savvy population. The country’s advanced infrastructure and widespread adoption of digital payments have created an environment conducive to cryptocurrency trading. With South Korea’s prominent exchanges like Upbit leading the way, it comes as no surprise that the nation’s investors played a pivotal role in the post-legal victory surge of XRP.

Beyond the immediate impact on XRP, the legal victory and subsequent surge in trading activity have far-reaching implications for the broader cryptocurrency market. It highlights the significance of regulatory clarity and how legal developments can influence investor sentiment and market dynamics. The ruling may pave the way for other cryptocurrencies to navigate regulatory challenges and gain widespread acceptance.

Moreover, the surge in XRP trading volume on Upbit and other exchanges serves as a testament to the continued maturation and growing mainstream interest in cryptocurrencies. As more investors recognize the potential of digital assets and seek exposure to the market, exchanges like Upbit will play a vital role in facilitating trading and liquidity.

In conclusion, Upbit’s dominance in XRP trading volume following Ripple’s legal victory showcases the significant contributions of South Korean investors to the cryptocurrency’s recent surge. The surge reflects renewed confidence in XRP’s regulatory status and the broader market’s potential. As South Korea’s premier exchange, Upbit exemplifies the nation’s active and forward-thinking crypto community. The legal victory and subsequent surge hold implications for the broader cryptocurrency market, underscoring the importance of regulatory clarity and the increasing mainstream interest in digital assets.

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Julie J

Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.

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