The conclusion of the SEC lawsuit against Ripple has sparked an explosive rise in XRP trading volume on Upbit, South Korea’s largest cryptocurrency exchange. Chad Steingraber, a noted game designer and active figure in the community, highlighted this surge on the X platform. His report underscores the intense interest in the token following the legal decision.
During the initial price surge, the token’s trading volume on Upbit soared, reaching an astonishing 125 million KRW within a few hours. This surge was not fleeting. Even after the initial spike, trading volume stayed elevated, ranging between 50 million to 100 million KRW. This sustained activity signals ongoing robust trading interest in XRP on Upbit. However, the volume has since tapered to around 6 million KRW.
In the past 24 hours, Upbit’s XRP trading volume has surged to $725 million, capturing 14% of the global token market. This positions Upbit ahead of other major exchanges like Binance, where the token’s volume sits at $675 million. Notably, XRP has surpassed Bitcoin in trading volume on Upbit, with the token’s $725 million volume more than doubling Bitcoin’s $321 million. The token now accounts for 30.04% of the total trading volume on Upbit, making it the most actively traded cryptocurrency on the exchange.
XRP Dominates Other Korean Exchanges
On Bithumb, another major Korean exchange, XRP continues to dominate, recording the highest trading volume at $169 million, which represents 22.73% of the total trading activity. Meanwhile, on Coinone, the token has slightly edged out Bitcoin, with trading volumes of $16.8 million and $16.7 million, respectively.
The recent legal ruling in Ripple’s favor has ignited debates on XRP’s future, particularly concerning Ripple’s ability to sell the token to U.S. institutional clients. Matt Rosendin, founder of CapSign, clarified that Ripple can still sell to institutions but must disclose future sales and obtain SEC exemptions. Linda P. Jones, a wealth author, further reassured the community, emphasizing that the injunction only affects Ripple’s past practices with large corporations, a method they no longer employ.
XRP remains a focal point in the crypto market, with its legal and trading developments continuing to shape its trajectory.
