Bitcoin and Ethereum are once again giving way to XRP. Once again, this is happening on Korean exchanges, where the native coin of the Ripple network reaches the highest volumes.
XRP once again on the target of investors
XRP, the sixth-largest cryptocurrency by market capitalization, beat Bitcoin on May 22-23, taking the top spot in terms of trading volume on South Korean exchanges.
Currently, XRP remains at the top of the list of cryptocurrencies in terms of daily trading volume. On UpBit alone, the coin reached about $208 million per day, while on Bithumb it reached $50 million. By comparison, Bitcoin only recorded $96 million on UpBit and $27 million on Bithumb during the same period.
The increase in XRP’s dominance can be attributed to several factors. One is undoubtedly Ripple’s strategic partnership with a major financial institution in South Korea, such is GME, a leader in remittance services.
Leading exchanges are also involved in the partnership. The result of this local expansion of Ripple, has contributed to an increase in investor interest, manifested in increased XRP trading.
XRP’s growing popularity can also be attributed to investors who believe in a potential victory for Ripple in its long-running litigation with the SEC. The legal battle, which has been ongoing for the past two and a half years, involves accusations from the SEC against Ripple and two of its top officials, of illegally issuing XRP as a security. Ripple, on the other hand, has consistently maintained that XRP should simply be considered a digital currency.
As the end of the lawsuit approaches, investors are becoming increasingly optimistic about a Ripple win, expecting the SEC to lose its key arguments. Such an outcome could potentially drive XRP prices to new, unprecedented heights.
What’s next for XRP?
It is worth noting that the current surge in XRP’s popularity in South Korea is not the first of its kind. In the previous month, XRP experienced similar behavior, reaching billions of dollars on three leading Korean exchanges – UpBit, Bithumb and Korbit. It is particularly noteworthy that from January 1 to April 18, the total value of XRP trading in Korea exceeded an impressive $16 billion.
At the time of this writing, the coin is trading in the neighborhood of $0.45. Rising volumes, on the other hand, may point to the coming heightened volatility of XRP. Recall that the SEC has been obliged to make the documents from Hinman’s speech public by June 13. As that deadline approaches, a lot can happen on the charts.