The crypto asset XRP has shown a significant increase in trading volume, becoming the top asset on South Korea's largest digital exchange, Upbit. This rise comes amidst a slowdown in the overall crypto market.
XRP Trading Volume Soars
According to CoinMarketCap data, XRP's 24-hour trading volume increased by 72%. While most cryptocurrencies have lost value, XRP managed to rise about 2%. Historically, Korean investors have preferred XRP over other cryptocurrencies like Bitcoin (BTC). Other major platforms, such as Bithumb, Korbit, and Coinone, are also reporting high XRP trading volumes. This consistent interest highlights a long-term trend among Korean investors who see XRP as a trusted digital asset.
Investor Optimism Ahead of U.S. Senate Hearing
This renewed investor confidence coincides with a significant event: Ripple's CEO Brad Garlinghouse is set to speak before the U.S. Senate Banking Committee. He will address key issues regarding cryptocurrency laws and regulations. Garlinghouse's appearance shows that Ripple is being taken more seriously in the world of traditional finance. The firm is also applying for a U.S. national banking license, which could lead to closer partnerships with banks.
Technical Indicators Suggest Possible XRP Price Breakout
Market watchers suggest that XRP may be poised for a significant price move. A well-known crypto analyst has identified an 'inverse head and shoulders' pattern on the XRP chart, indicating a potential rise in prices. If this happens, XRP could jump as high as $2.6. Currently, XRP is trading at $2.28, up 2.02% in the last 24 hours according to CoinMarketCap data.
With growing volume on South Korean exchanges and increasing global recognition, XRP appears poised to attract even more attention from traders and investors.
