XRP Trading Dominates South Korea, Surpassing Bitcoin on Major Exchanges

IconCryptoNewsTerminal Staff18 Jul, 2024

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XRP Trading Dominates South Korea, Surpassing Bitcoin on Major Exchanges

Trading volume for Ripple (XRP) has surged past Bitcoin (BTC) on five major South Korean won exchanges, according to data from CryptoQuant. On Upbit, the largest South Korean exchange, XRP trading volume reached $650 million over the past 24 hours, more than 2.3 times that of Bitcoin ($203 million). XRP trading volume accounted for 30.19% of all cryptocurrency trading volume on Upbit. The increase in XRP trading volume comes as the cryptocurrency has seen a resurgence in interest. XRP rose by 23% in July alone, while recording net outflows of $13.5 million on Binance and $7.83 million on OKX. Analysts believe that the increase in XRP trading volume is due to a combination of factors, including the upcoming launch of the XRP Ledger's native token, XRP, the Flare Network, and the growing adoption of XRP by financial institutions.

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