Ripple (XRP) trading volume has reached billions of dollars on UpBit, Bithumb and Korbit, the three largest crypto exchanges in South Korea by trading volume. This huge demand has most likely been fueled by XRP’s recent price performance.
XRP trading volume in South Korea
In the past 24 hours, trading in XRP formed 37% of the total volume on BitHump, 18% of the volume on UpBit and as many as 50% of the total volume on korbit. This is according to data from CoinMarketCap. These volumes were against the US dollar on UpBit and against the Korean won on BitHump and Korbit.
Typically, bitcoin (BTC) and ethereum (ETH) usually account for the majority of trading activity on these crypto exchanges. Jumping to the forefront of XRP can therefore be called an exception in a sense.
Upbit led XRP global trading volumes with over $790 million in tokens traded in the past 24 hours. Binance traded a relatively smaller $720 million over the same period by comparison.
The interest in Ripple’s token stems from speculation that the token will be traded by the US Commodity Futures Trading Commission (CFTC) could be classified as a commodity. You could recently read that the CFTC qualifies bitcoin, ethereum and litecoin (LTC) as digital commodities in the indictment against Binance. This, in turn, may affect the case of the American Securities and Exchange Commission (SEC), in which the US regulator claims that XRP tokens are securities. A classification as a commodity could mean Ripple wins the case.
Price increase XRP
The XRP price has been on a huge rise in recent times. XRP was therefore the strongest riser of the past seven days. In seven days, it shot up by about 37%. At the moment, however, XRP is working on a correction: it is now about 6% lower than the previously set high.
