XRP has once again asserted its leadership in the Asian crypto markets, with South Korea at the forefront. The trading volume on Upbit is impressive, reaching over $549 million in just 24 hours.
XRP Trading Volume on Upbit
According to crypto analyst Xaif, XRP recorded over $549 million in trading volume on the South Korean exchange Upbit. This figure accounts for 17.1% of the total global market volume of $3.21 billion during the same period. These facts highlight not only interest in XRP in the region but may also suggest potential significant movements in the market.
Price Reaction to Volume Spike
Despite high trading volumes, XRP’s price remained relatively stable. After peak levels around $3, the price dipped to $2.95. This raises questions among traders who expected more dramatic price increases given the volume. Price behavior may be explained by global resistance levels where Korean traders are buying while others are utilizing the opportunity to sell.
Growth Factors and Market Sentiment
XRP’s resurgence in Asia is fueled by several factors. Ripple’s legal battle with the SEC appears to be nearing resolution, which adds optimism. Moreover, Ripple’s push into institutional finance and enhancements to the XRP Ledger contribute to positive sentiment. Increasing institutional interest also plays a role in the rise of XRP.
XRP’s trading volume on Upbit signifies growing regional interest in the asset. If this trend continues, it could serve as a catalyst for the next major movement in the market.
