XRP, the 7th largest cryptocurrency by market cap, has overtaken Bitcoin in volume of trade across South KoreaWhile the overall cryptocurrency market has increased by 11.7% over the past week, XRP has seen an impressive growth of 31% over the same period.
This rise in the price of XRP is mainly due to the growing interest in South Korea, largely outperforming the rest of the cryptocurrency market.
Significant increase in XRP in Korea
Over the past 24 hours, XRP has seen $650 million in trading volume across major Korean exchanges, which is more than 2.3 times the trading volume of Bitcoin during the same period. UpbitXRP, Korea’s largest exchange, generated $526.8 million in trading volume alone, eclipsing Bitcoin’s $203.57 million across Korea’s top five exchanges.
This domination highlights The resurgence of XRP, driven by renewed interest from South Korean investors. XRP’s performance has been exceptional, rising 31% over the past week while the broader cryptocurrency market has risen 11.7%.
Globally, XRP trading volume has also seen a significant increase, reaching $3.8 billion recentlymarking its highest volume since April. This surge in global interest comes amid a bullish trend, with XRP gaining 23% in July alone.
Despite its impressive run, XRP experienced a slight setback today, falling from a recent high of $0.6369 to $0.58 reflecting a decrease of 6.42%.
Mixed sentiment on major stock markets
Coinbase stands out among the major exchanges, recording net inflows of $4.46 million into XRP. Conversely, Binance and OKX recorded net outflows of $13.5 million and $7.83 million, respectively. This movement shows us the evolution of investor sentiment and activity in the XRP market.
What does the market say?
According to a recent market analysis, XRP has broken out of a long-standing resistance trend, surpassing key technical indicators such as the 200-week and 50-week moving averages (MAs). These are represented by the green and purple lines, respectively.
Analysts are also paying attention to rumors of a secret meeting between Ripple Labs and the SEC, speculating that it could be crucial to Ripple’s legal case. If successful, it could mark a major turning point for XRP, potentially forming the largest “W-pattern” seen in a long time.
Additionally, XRP’s Relative Strength Index (RSI) is currently hovering around 67, indicating that the asset is slightly overbought. This suggests that a price correction could be possible in the near future as market dynamics continue to evolve.
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The growing popularity of XRP has caught the world’s attention. What’s next?