South Korean Investors Dominate XRP Trading; Upbit Volume Surpasses Bitcoin
CryptoNewsTerminal Staff08 Aug, 2024
South Korean Investors Dominate XRP Trading; Upbit Volume Surpasses Bitcoin
South Korean investors are dominating the XRP trading volume following the Ripple (XRP) verdicts, according to a report by CryptoQuant. Citing data from CoinMarketCap, CryptoQuant reported that over the past 24 hours, Upbit, a South Korean cryptocurrency exchange, recorded a trading volume of $725 million in XRP, accounting for 14% of the global XRP trading volume. Binance, the world's largest crypto exchange, recorded $675 million during the same period. "Upbit's XRP trading volume surpassed its Bitcoin trading volume ($321 million) and made up 30.04% of its total trading volume," the media outlet added. Other South Korean exchanges, such as Bithumb and Coinone, also saw significant trading volumes of $169 million and $16.8 million, respectively. According to CoinMarketCap, XRP is currently trading at $0.6064, up 17.93%. The surge in XRP trading volume by South Korean investors comes after the judge presiding over the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, Analisa Torres, ordered Ripple to pay a $125 million penalty. However, the judge reiterated the earlier view that XRP sales to individual investors did not violate federal securities laws.
