On July 20, an astounding trading volume linked to XRP was recorded on the cryptocurrency exchange Upbit, drawing the attention of analysts and investors.
XRP Trading Volumes on Upbit
On July 20, Upbit recorded a trading volume of $3.2 billion. The XRP/KRW pair accounted for 15.15% of this activity.
Volume Analysis and Market Impact
XRP's trading volume surged to $269.22 million over 24 hours. Analysts noted that this unexpected rise underscores South Korea's influence on XRP liquidity. Chad Steingraber, an XRP proponent, observed that the current inflows significantly exceed typical retail involvement, hinting at potential involvement of large-scale investors. He also remarked that global outflows might counterbalance these Korean inflows, limiting the impact on XRP's global price.
South Korea's Role in XRP Volatility
In 2017, the "Kimchi Premium" phenomenon saw Bitcoin priced 50% higher in Korea than globally, marking another instance of South Korea's significant impact on crypto markets. According to CoinMarketCap, XRP's current price is $3.41, with a market cap of $201.99 billion. The recent 24-hour trading hit $6.17 billion, a decrease of 58.23%. Over 90 days, XRP's value surged 61.23%, evidencing significant volatility.
The dramatic increase in XRP trading volumes on the Upbit exchange underscores South Korea's importance in the cryptocurrency market and may indicate a shift in institutional investor sentiment.
