XRP Trading Volume Surpassed Bitcoin's on South Korean Crypto Exchanges This Week, Contributing to the Token's 7% Rise Over the Past 24 Hours

Ripple's flagship coin hit 64 cents, the highest point since March 25. This rise comes amid a large scheduled token unlock and increased hopes for a settlement

Surging XRP (XRP) demand at South Korean crypto exchanges pushed the seventh-ranked token ahead of bitcoin and ether in trading volume on Thursday, contributing to a seven% rise in XRP’s price over the past 24 hours.

Ripple’s native token hit 0.64 cents on Thursday, reaching its highest point since March 25. The rise comes ahead of a large scheduled token unlock and amid rising hopes for a settlement in the long-running SEC lawsuit against Ripple.

A recent filing showed that the U.S. Securities and Exchange Commission intends to amend its complaint against Binance, specifically with regard to “Third Party Crypto Asset Securities.” This likely indicates that the judge will not need to decide at this stage whether ten tokens, including Solana (SOL) and Polygon (MATIC), are unregistered securities.

While the filing did not specify any tokens, traders are interpreting it as a positive sign that the legal battle between the SEC and Ripple Labs, which the regulator claims sold XRP, could be coming to an end.

It’s worth noting that Ripple and XRP are separate entities; Ripple is a fintech firm focused on building a global payments network, while XRP is an independent digital asset designed for online payments and currency swaps.

Scheduled token unlock, بازار analysis

Ripple is set to unlock 1 billion XRP, currently valued at $641 million, in August as part of a pre-determined unlock schedule. While increasing token supply would typically drive down the price, some research suggests it might boost an existing bullish market trend due to increased liquidity.

According to market data from CoinGecko, XRP demand was largely driven by South Korea. The token accounted for up to 40% of trading volumes on UpBit, the country’s largest exchange, and over 35% on both Bithumb and Korbit. This unusual surge suggests a short-term demand for XRP in the region, outpacing usual leaders like bitcoin and Tether (USDT).

The XRP surge comes shortly after Ripple Labs CEO Brad Garlinghouse told Bloomberg TV that he expects a “resolution very soon” in the legal dispute between Ripple, the SEC and holders.

Ripple Labs recently donated $1 million to the Commonwealth Unity Fund, a new super political action committee established by attorney James Murphy.

The donation will go towards unseating anti-crypto Senator Elizabeth Warren and support pro-crypto lawyer John Deaton. Earlier, Murphy also contributed $50,000 to the PAC on April 15.

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