While the rest of the crypto market has seen sharp declines over the past week, XRP has only continued to boast bullish moves. Over the past seven days, the asset has surged by more than 20%, emerging as the top gainer among large crypto by market cap.
According to data from Coinmarketcap, XRP has the largest trading volume on Upbit, South Korea’s largest cryptocurrency exchange. The token’s trading volume has surpassed even large crypto by market capitalization, such as Bitcoin (BTC) and Ethereum (ETH).
XRP Gains Higher Volume On Upbit
Alongside its continuous rally, XRP has taken over Upbit regarding trading volume. At the time of writing, the asset currently accounts for 28.71% of Upbit’s trading volume. This is significantly higher than the trading volume of other large assets listed on the exchange.
With Upbit’s total trading volume currently at $1.5 billion, XRP accounts for a large sum of $446 million, ranking first in the exchange’s list of listed cryptocurrencies. Coming second on the list is Bitcoin (BTC) which accounts for just $169 million.
Ethereum (ETH), the second largest crypto by market cap, is ranked 9th on Upbit’s listed crypto trading volume. ETH accounts for just $33 million, even lower than Dogecoin’s (DOGE) trading volume on the exchange, which sits at $57.5 million, ranking 4th.
Notably, the increase in XRP’s trading volume in South Korea has been noticed since last week, a few days after the token rallied by up to 25% on March 21. Interestingly, trades on Upbit are being made in exchange against the South Korean won (KRW).
A rise in XRP trading volume on the exchange could mean South Koreans may sell their KRW in exchange for XRP. This happens regardless of Ripple’s ongoing case with the U.S. Securities and Exchange Commission (SEC). Meanwhile, attorney John E. Deaton tweeted that XRP’s risk-to-reward is attractive, adding that the asset is a buy at current market prices.
XRP To Continue Rally?
Over the past seven days, XRP has seen a significant surge in value, moving from a low of $0.37 seen as of March 20 to trading as high as $0.49 the next day. So far, XRP has been doing well from a technical perspective, and according to the asset price chart, XRP could continue to rally, given it still has liquidity to the upside.
Looking at the XRP price chart on the 1-day time frame, XRP has just tapped into a major zone of $0.49. A break of structure above that zone could mean the asset would surge and tap into other major highs at $0.5 and $0.54.
Meanwhile, XRP’s overall daily trading volume is starting to decrease, indicating a slowdown in buying pressure. The asset currently has a 24-hour trading volume of $2.7 billion compared to nearly $4 billion seen last week.
Featured image from Shutterstock, Chart from TradingView
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