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XRP Dominates South Korean Crypto Market With 31% Surge, Bitcoin Left Behind!
XRP, the seventh largest cryptocurrency by market cap, has surpassed Bitcoin in trade volume in South KoreaWhile the cryptocurrency market as a whole is up 11.7% over the past week, XRP is up an impressive 31% over the same period.
The increase in XRP price is mainly due to the growing interest in South Korea, which has significantly outperformed the rest of the cryptocurrency market.
Significant increase of XRP in Korea
In the last 24 hours, XRP has recorded $650 million in trading volume on major Korean exchanges, which is more than 2.3 times the trading volume of Bitcoin in the same period. UpbitKorea’s largest exchange, XRP alone recorded a trading volume of $526.8 million, eclipsing Bitcoin’s $203.57 million among the top five Korean exchanges.
This dominance highlights The rebirth of XRP, driven by renewed interest from South Korean investors. XRP has performed exceptionally well, 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, recently reaching $3.8 billionmarking 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 faced a minor setback today, falling from a recent high of From $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 in XRP. In contrast, Binance and OKX recorded net outflows of $13.5 million and $7.83 million, respectively. This movement shows us the changing sentiment and investor activity in the XRP market.
What does the market say?
According to a recent market analysis, Exchange rate risk has broken out of a long-standing resistance trend, surpassing key technical indicators such as the 200-week and 50-week moving averages (MA). These are represented by the green and purple lines, respectively.
Analysts are also buzzing about rumors of a secret meeting between Ripple Labs and the SEC, speculating that it could be pivotal to 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.
Additionally, XRP’s relative strength index (RSI) is currently hovering around 67, which indicates that the asset is slightly overbought. This suggests that a price correction may be possible in the near future as market dynamics continue to evolve.
Read also: List of Altcoins With Potential for Solana-Like Earnings: A List to Watch
XRP’s skyrocketing popularity has captured the world’s attention. What’s next?