XRP is making waves in South Korea. The Ripple's cryptocurrency has overtaken Bitcoin in trading volume on Korean exchanges.
The altcoin's recent price surge has sparked investor interest. XRP's trading volume in Korea hit $650 million, while Bitcoin lagged behind at $282 million. That is a very substantial difference, that might even seem a bit insulting for the world's leading crypto.
Armando Pantoja, a crypto advisor at Benzinga, broke the news on X. The crypto community is buzzing with fresh optimism.
This isn't the first time XRP has outshone Bitcoin in Korea. A similar surge occurred last July. Back then, XRP's price touched $0.93 amid positive sentiment around its SEC lawsuit.
The current spike coincides with XRP breaking the $0.58 mark. It's the first time since April's market pullback. Whale accumulation since August 2023 is believed to be driving this comeback.
XRP's value has jumped over 17% in the past week. It's currently trading at $0.5544. Despite the volume increase, its market cap is down by 5%.
Santiment, a market intelligence platform, has flagged XRP as one to watch. They've lumped it together with Litecoin as potential gainers.
But it's not all sunshine and rainbows. Santiment warns that XRP could be a risky bet this week. The current crowd euphoria might lead to volatility.
South Korea's crypto market is no joke. It's a major player in the industry. XRP's dominance here is a big deal.