Bitcoin
XRP dominates South Korea’s cryptocurrency market with 31% rise, Bitcoin lags behind!
XRP, the 7th largest cryptocurrency by market cap, has surpassed Bitcoin in trading volume in South Korea. While the overall cryptocurrency market surged 11.7% last week, XRP surged an impressive 31% during the same period.
This surge in XRP price is mainly due to the growing interest in South Korea, significantly outperforming the rest of the cryptocurrency market.
Significant increase in XRP in Korea
In the past 24 hours, XRP saw $650 million in trading volume across major Korean exchanges, which is more than 2.3 times Bitcoin’s trading volume during the same period. On Upbit, Korea’s largest exchange, XRP alone commanded $526.8 million in trading volume, dwarfing Bitcoin’s $203.57 million across the top five Korean exchanges.
This domain highlights The resurgence of XRP, driven by renewed interest from South Korean investors. XRP’s performance has been exceptional, rising 31% in the past week, while the broader crypto market has risen 11.7%.
Globally, XRP trading volume has also seen a significant increase, reaching US$3.8 billion recentlymarking its highest volume since April. This surge in global interest comes amid an uptrend, with XRP gaining 23% in July alone.
Despite its impressive run, XRP faced a minor setback today, falling from a recent high of $0.6369 to $0.58 reflecting a decline of 6.42%.
Mixed sentiment among major exchanges
Coinbase stands out as an outlier among major exchanges, recording net inflows of $4.46 million worth of XRP. On the other hand, Binance and OKEx saw net outflows of $13.5 million and $7.83 million, respectively. This movement shows us the shift in investor sentiment and activity in the XRP market.
What is the market saying?
According to a recent market analysis, XRP has risen above a long-standing trend resistance, outperforming 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 talking about rumors of a secret meeting between Ripple Labs and the SEC, speculating that this could be crucial for Ripple’s legal case. If favorable, this could mark a major turning point for XRP, potentially forming the largest “W pattern” seen in a long time.
Furthermore, XRP’s relative strength index (RSI) is currently 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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XRP’s growing popularity has caught the world’s attention. What’s next?