Moments after the SEC lawsuit against Ripple concluded, XRP trading volume on South Korea’s largest exchange, Upbit, witnessed an unprecedented surge.
Chad Steingraber, a prominent game designer and XRP community figure, reported this spike on the X platform. This significant volume increase underscores the heightened interest and trading activity surrounding XRP in the aftermath of the legal decision.
Volume Analysis
During the price surge, trading volume on Upbit spiked sharply, reaching approximately 125 million KRW within a few hours.
Following this spike, trading volume remained elevated, ranging between 50 million to 100 million KRW across hours. This sustained high volume indicates ongoing trading interest and activity in XRP on Upbit. However, the volume has since fallen to around 6 million KRW.
Overall, Upbit’s trading volume on XRP over the past 24 hours has increased to $725 million, amounting to 14% of the global XRP volume. This positions Upbit’s XRP trading volume above other exchanges, such as Binance, where the volume stands at $675,780,414.
Further data reveals that XRP has overtaken Bitcoin in trading volume on the Korean exchange Upbit, with its $725 million volume more than double Bitcoin’s volume of $321,561,057. XRP’s trading volume accounts for 30.04% of the total volume on Upbit, making it the most actively traded cryptocurrency on the exchange.
XRP Volume Dominates on Bithumb and Coinone
Additionally, on Bithumb, another major Korean exchange, XRP continues its dominance with the highest trading volume of $169,433,535, representing 22.73% of the total trading volume. Tether USD (USDT) follows as the second-highest.
On the Korean exchange Coinone, XRP has flipped Bitcoin in terms of trading volume, albeit by a slight margin. XRP’s trading volume stands at $16,808,530, just above Bitcoin’s $16,798,828, with both having nearly identical volume percentages of around 20.34% and 20.33%, respectively.
Percentage Change in Volume
Additional volume indicators, such as the Volume Rate of Change (Vol ROC), also showed significant spikes. The Vol ROC, which measures the percentage change in volume over a specified period, spiked to values above 3,000% during the price surge, indicating an extremely high increase in trading volume.
Post-surge, the Vol ROC values fluctuated between 1,000% and 3,000%, still reflecting higher trading activity compared to pre-spike periods.
Today, XRP (XRP) is priced at $0.6081 with a 24-hour trading volume of $5,126,613,224. This marks an 18.66% increase in the last 24 hours and a 0.11% increase over the past week.
Legal Developments Impact XRP
Notably, following the court’s judgment in the Ripple case, there is an ongoing debate about whether Ripple can sell XRP to U.S. institutional clients. Some XRP community members believe Ripple will no longer be allowed to sell XRP to these clients. However, notable crypto stakeholders have clarified this misconception.
Matt Rosendin, founder of CapSign, emphasized that the ruling does not prevent Ripple from selling XRP to institutions. Instead, it requires Ripple to disclose future sales and obtain a federal securities exemption from the SEC.
Additionally, wealth author Linda P. Jones highlighted that Judge Torres’ injunction only pertains to Ripple’s XRP sales to “big corporations,” a practice Ripple ceased long ago. This clarification reassures the XRP community and stakeholders about the implications of the ruling.
