XRP Trading Volume Explodes on Upbit, Surpassing Bitcoin as Most Actively Traded Cryptocurrency
- 王林Original
- 2024-08-09 12:07:27803browse
The conclusion of the SEC lawsuit against Ripple has sparked an explosive rise in XRP trading volume on Upbit, South Korea's largest cryptocurrency exchange.
The conclusion of the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple has sparked an explosive rise in XRP trading volume on South Korea’s largest cryptocurrency exchange, Upbit. Chad Steingraber, a game designer and active figure in the XRP community, highlighted this surge on the X platform.
According to Steingraber, XRP trading volume on Upbit soared to an astonishing 125 million KRW (approximately $100,000) within a few hours after the news broke. This surge was not fleeting, and even after the initial spike, trading volume stayed elevated, ranging between 50 million to 100 million KRW ($40,000 to $80,000). This sustained activity signals ongoing robust trading interest in XRP on Upbit.
In the past 24 hours, XRP trading volume on Upbit has surged to $725 million, capturing 14% of the global token market. This positions Upbit ahead of other major exchanges like Binance, where the token’s volume sits at $675 million. Notably, XRP has surpassed Bitcoin in trading volume on Upbit, with the token’s $725 million volume more than doubling Bitcoin’s $321 million. The token now accounts for 30.04% of the total trading volume on Upbit, making it the most actively traded cryptocurrency on the exchange.
XRP also dominates other major Korean exchanges. On Bithumb, XRP trading volume is the highest at $169 million, accounting for 22.73% of the total trading activity. On Coinone, XRP trading volume is slightly higher than Bitcoin’s, with volumes of $16.8 million and $16.7 million, respectively.
The recent legal ruling in Ripple’s favor has ignited debates on XRP’s future, particularly concerning Ripple’s ability to sell the token to U.S. institutional clients. Matt Rosendin, founder of CapSign, a digital asset securities firm, has clarified that the injunction specifically prohibits Ripple from offering XRP to U.S. institutional clients without registering it as a security. However, he adds that Ripple can still sell to institutions but must disclose future sales and obtain SEC exemptions.
Linda P. Jones, a wealth author and XRP community member, has further reassured the community, emphasizing that the injunction only affects Ripple’s past practices of selling large amounts of XRP to a few large corporations, a method they no longer employ. XRP remains a focal point in the crypto market, with its legal and trading developments continuing to shape its trajectory.
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