XRP Leads Trading Activity on Upbit as Korean Investors Spark Frenzy

Ripple’s associated crypto asset XRP has risen sharply to become the most traded on Upbit, South Korea’s largest digital asset exchange. This comes at a time when the broader crypto market is slowing down and significant assets are seeing minor losses. Despite this downturn, XRP has gained substantial traction among South Korean investors. XRP Trading Volume Soars Despite Market Weakness The 24-hour trading volume for XRP rose by 72% according to CoinMarketCap data. While most cryptocurrencies have lost value, XRP went against the trend, climbing about 2%. This shows strong interest and confidence from South Korean traders. Historically, Korean investors have consistently preferred XRP over other cryptocurrencies, such as Bitcoin (BTC). Apart from Upbit, other major crypto platforms in South Korea, including Bithumb, Korbit, and Coinone, are also reporting high XRP volumes. This consistent interest highlights a long-term trend among Korean investors who see XRP as a trusted digital asset . According to data from CoinGecko, the XRP to South Korean won trading pair now accounts for approximately 22% of Upbit’s total daily volume. This represents approximately $1.22 billion out of the exchange’s total daily trading value of $4.53 billion. Investor Optimism Grows Ahead of U.S. Senate Hearing This renewed investor confidence comes at an important time. Ripple’s CEO, Brad Garlinghouse, who recently tattooed the XRP logo on his arm , is set to speak before the United States Senate Banking Committee. He will address key issues related to cryptocurrency market laws and regulations. This marks a significant step in securing more support for digital currencies from U.S. lawmakers. Garlinghouse’s appearance before U.S. lawmakers shows that Ripple is being taken more seriously in the world of traditional finance. Ripple is also working on expanding its role in the global financial system. The firm has applied for a U.S. national banking license. If approved, it could partner more closely with banks, showing its push into traditional finance and boosting XRP’s real-world use. Technical Indicator Suggests XRP Potential Price Breakout Market watchers suggest that XRP may be poised for a significant price move. A well-known crypto analyst has spotted an “inverse head and shoulders” pattern on the XRP chart. This pattern typically indicates that prices may rise soon. If the move happens, XRP could jump as high as $2.6. Market trackers also believe a breakout may come soon. This could bring more interest from traders and big investors. Nevertheless, XRP is currently trading at $2.28, up 2.02% in the last 24 hours, according to CoinMarketCap data. With growing volume on South Korean exchanges and increasing global recognition, XRP appears poised to attract even more attention from traders and investors worldwide. The post XRP Leads Trading Activity on Upbit as Korean Investors Spark Frenzy appeared first on TheCoinrise.com .

Source: The Coin Rise