South Korean Crypto Exchange Tops XRP Trading with Over $2.5 Billion in 24-Hour Volume

South Korean Crypto Exchange Tops XRP Trading with Over $2.5 Billion in 24-Hour Volume

After XRP’s victory against the United States Securities and Exchange Commission (SEC), many crypto entities have again begun featuring the tokenCrypto exchanges like Coinbase, Gemini, Kraken, and Crypto.com, among others, immediately listed the coin on their trading platforms. 

Among the several crypto exchanges supporting XRP is Upbit, which recorded the highest 24-hour trade volume, surpassing Binance and Coinbase.

XRP’s Win Against US SEC Causes Massive Interest

South Korean crypto exchange UpBit recorded the largest trade volume of XRP in the last 24 hours, towering over international counterparts like Binance and Coinbase. The exchange’s trade volume recorded a staggering $2.5 billion. This represents over 50% of the overall trading volume on UpBit during that period. 

Data reveals the exchange’s market depth almost crossed $5 million in Asian morning trading hours, indicating huge liquidity for the coins, as a trade of $5 million on the platform would lead to a 2% change on the exchange. 

This surge in trade volume follows a US court’s conclusion that the sale of XRP on crypto exchanges does not constitute a securityThe XRP coin price skyrocketed by over 96% after the court ruling before retracing on Friday.

It’s worth noting that Bitcoin (BTC) and Ether (ETH) are usually the tokens that record the largest trading activity on UpBit. Thus, XRP’s massive volume appears to be a surprise for everyone. 

Ten South Korean crypto exchanges have accrued XRP tokens worth billions of dollars in the past 24 hours. They contributed significantly to the $13 billion in trading volume across worldwide exchanges. 

Following UpBit was the world’s largest crypto exchange, Binance, which traded comparatively less at $2.2 million, as per CoinGecko data.

Colin Wu, a renowned blockchain reporter, announced the bullish update in a tweet today. As per Wu, this reveals that South Korean investors have made significant contributions to the latest XRP surge. 

Coinbase announced the re-listing of XRP. XRP rose by an astonishing 72% in 24 hours, and its market value jumped to fourth place. In 12 hours, the amount of liquidation on the entire network reached 237 million U.S. dollars, and XRP was 52.34 million. XLM is also up 57%, ADA…

— Wu Blockchain (@WuBlockchain) July 13, 2023

South Korean traders are popular for having a positive view of cryptocurrencies and investing largely in them. It’s worth stating that the re-engagement of crypto investors in XRP recently led to a quick spike in the token’s trade volume. 

Yesterday, XRP’s 24-hour trade volume was $613.5 million. Moreover, its trade volume hit $13.58 billion today, recording a growth of 2,114%. CoinGecko data revealed that UpBit’s 24-hour trade volume for Ripple native token XRP/KRW is $15.2 billion. 

XRP
Source: CoinGecko

The price surge of XRP follows US Judge Torres’ ruling that XRP does not constitute a security. Judge Torres also concluded on the SEC’s accusations against Ripple Labs, its CEO, and subsidiary firms in the US. 

Though Judge Torres ruled that the crypto firm’s institutional sales of the XRP token constitute an investment contract, she stated that programmatic sales, Brad Garlinghouse’s and Chris Larson’s sales, and other related sales do not comprise investment contracts

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