Ripple (XRP), which has been in a legal battle with the SEC for years, has seen a tremendous rise after Donald Trump won the presidential election.
XRP, which was below $1, first exceeded $1, and then rose above $2 with a sudden increase yesterday.
While XRP has risen to $2.45 with its rally, the reasons for this rise are wondered.
At this point, blockchain analytics firm Scopescan said that Korean investors are likely behind the recent rise of XRP.
Scopescan, who pointed out that Korean investors fueled the recent XRP increase in his post from the X account, added that in the last 24 hours, the XRP/KRW spot trading volume on Upbit, one of the largest exchanges in South Korea, reached $3.8 billion.
With this rise, XRP left Bitcoin (BTC) and other altcoins behind, reaching 11 times the Bitcoin transaction volume.
On Upbit, XRP ranked first, followed by Dogecoin (DOGE) and Shiba Inu (SHIB). Bitcoin ranked 8th, and Ethereum (ETH) ranked 11th.
Similarly, on Bithumb, another major exchange in South Korea, XRP trading volume reached a total of $1.2 billion, accounting for 32% of the platform’s total trading volume.
Koreans are likely the force behind the $XRP pump.
@upbitglobal XRP/KRW 24H spot volume – $3.8B ( 11x their $BTC volume & bigger than @binance XRP spot volume)
@BithumbOfficial XRP/KRW 24H spot volume – $1.2B (32% of their total volume) pic.twitter.com/KmZpLwra7e
— lmk.fun 🦜 (Prev. Scopescan) (@lmkfun) December 2, 2024
Solana Founder Calls for XRP!
While XRP attracted the attention of the entire market with this rise, a call for XRP came from the co-founder of Solana.
Solana (SOL) co-founder Anatoly Yakovenko called for a national XRP reserve in his post, saying, “We need a national XRP reserve.”
Rising to the third largest cryptocurrency ranking in terms of market value, XRP continues to be traded at $2.40, up 28.7% in the last 24 hours, according to CoinMarketCap data.
*This is not investment advice.
