According to reports, South Korea is experiencing a revival of cryptocurrency trading, particularly in XRP tokens.
CoinDesk reported earlier today that XRP’s worth increased by 26% last week, leading to trading amounts of billions of dollars on major Korean platforms such as UpBit, Bithumb, and Korbit. According to CoinDesk, in the last 24 hours, XRP made up 37% of trading activity on Bithumb, 18% on UpBit, and a staggering 50% on Korbit, with trading combinations against the USD and won.
According to CoinDesk, this sudden increase in XRP traffic is highly uncommon. Bitcoin and Ether usually account for most selling activity on these platforms. Over $790 million worth of XRP coins changed hands in 24 hours on UpBit, while only $720 million changed hands on Binance.
According to CoinDesk, “wash trading,” in which the same commodity is bought and sold multiple times to inflate its price artificially, may be to blame for a portion of the surge in trading activity.
The current hype surrounding XRP may be attributable to the belief that the U.S. Since the CFTC claimed Bitcoin and Ether are commodities in its case against Binance, the CFTC may decide to treat the cryptocurrency as a commodity.
This new development may harm the United States. The lawsuit brought by the SEC against Ripple, in which the SEC asserts that XRP coins are stocks. Some investors see a positive outlook for XRP if Ripple prevails in their lawsuit to have XRP designated as a commodity.
As of 8:30 PM UTC on March 30, XRP was dealing on the cryptocurrency platform Bitstamp at $0.5337, down 1.65% in the last 24 hours but up 59.34% year to date, according to statistics from TradingView.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.