The recent positive price movement of XRP seems to have triggered a new wave of investor interest regarding the coin. XRP has surpassed the largest crypto asset by market cap, bitcoin, in trading volume on exchanges in the past year. South Koreaindicating a shift in market dynamics in the country. With a newfound optimism in the cryptocurrency sector, the fact that XRP is outperforming bitcoin on this important metric demonstrates its growing relevance in the market.
XRP trading volume surpasses bitcoin in Korea
On Thursday, XRP once again demonstrated its prominence in the cryptocurrency market by attracting a significant portion of overall trading activity in South Korea. Armando Pantoja, Cryptocurrency Advisor at Benzinga News Outlet, x.com/_TallGuyTycoon/status/1814066629073940909″ target=”_blank” rel=”noopener nofollow”>shared the positive development on the x platform (formerly twitter), which has sparked quite a bit of renewed optimism around the altcoin in the community.
Pantoja reported that the token registered an increase in its trading volume double that of bitcoin in the country. The crypto asset generated a massive $650 million in trading activity, while bitcoin recorded a much smaller volume of $282 million.
This recent surge is evidenced by the growing interest in the digital asset among Korean investors. It also marks an important moment for the altcoin, given South Korea’s presence in the industry as a major player.
It is important to note that in July last year, the coin outperformed bitcoin in the Korean market by this wide margin. However, this happened when the asset's value rose to the price level of $0.93, triggered by positive sentiment surrounding the favorable decision in its lawsuit against the US Securities and Exchange Commission (SEC).
Meanwhile, this recent surge coincides with a price increase above $0.58 for the first time since the market-wide pullback in April. Increased coin holdings by whales and sharks with over 100,000 XRP coins, a notable shift in supply accumulation that began in August last year, is believed to be driving this recovery.
During last week, XRP has seen a value increase of over 17%, trading at $0.5544. Despite the recent surge in trading volume, its overall market capitalization still shows a negative outlook, having fallen by over 5%.
Crowd narratives optimistic about cryptoassets
As several tokens continue to navigate the current rebounds in the cryptocurrency markets, Santiment, a leading market intelligence platform, has singled out XRP as one of the coins Investors should be careful with Litecoin (LTC) currency.
Santiment is confident that the altcoin will attract further price gains in the coming day. However, given the crowd’s euphoria, the platforms warn that the token could be a high-risk, high-reward investment this week.
Featured image from Adobe Stock, chart from Tradingview.com
