XRP Beats Bitcoin in South Korean Trading

Ripple’s XRP has become the most traded cryptocurrency on major South Korean exchanges, surpassing even Bitcoin. This unexpected shift shows how popular XRP has become in the region. The increase in trading comes as XRP’s price increases, partly due to positive news about its legal fight with the U.S. Securities and Exchange Commission.

In just one day, people traded $650 million worth of XRP on South Korea’s biggest exchanges. This was more than double the amount of Bitcoin traded on the same platforms.

South Korean investors really like XRP. On Upbit alone, XRP’s trading volume reached $526.8 million, more than Bitcoin’s total volume across all South Korean exchanges.

XRP last saw this level of dominance in July last year, when its price jumped to $0.93 after some good news from the SEC.

XRP Soars: Investor Optimism and South Korea Trends

According to Coingecko, XRP is now trading at $0.5806. While it’s down 5.41% on the last day, it’s up 30.28% over the last week. This shows that investors are feeling optimistic about Ripple.

Looking at XRP’s price chart on Binance, technical indicators suggest the upward trend might continue. The MACD shows a bullish signal, hinting at more price increases soon. The RSI is at 65.61, which means XRP might be getting close to being overbought.

Source: TradingView

Bitcoin also increased by 10.89% last week, reaching $64,770.32. It’s still the most prominent cryptocurrency overall, but in South Korea, it’s not being traded as much as Ripple right now.

People will closely watch XRP’s performance in South Korea in the coming days. With its high trading volume and positive market signals, XRP’s price might keep increasing. However, investors should be careful, as the RSI shows that XRP might be overvalued.

As the crypto market changes, monitoring XRP’s performance in places like South Korea will help us understand what investors are thinking and how the market might move.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.