In a remarkable turn of events, South Korea’s largest cryptocurrency exchange, Upbit, has emerged at the forefront of Ripple (XRP) trading, according to data from Coingecko. As reported by Wu Blockchain, Upbit recorded a staggering $2.1 billion in XRP trade volume in the last 24 hours, outpacing global giant Binance, which posted $1.7 billion, and OKX, which came third with $500 million.
In a recent tweet by Wu Blockchain, a prominent crypto news and analysis platform, it was revealed that South Korea’s largest exchange, Upbit, leads the trading volume of XRP. This highlighted the significant role Korean investors play in the current XRP pump.
According to Coingecko, South Korea’s largest exchange, Upbit, ranks first in the trading volume of XRP, reaching $2.1 billion in 24 hours, Binance is 1.7 billion, and OKX ranks third with 500m; showing Korean investors still a major thrust of this XRP pump.…
— Wu Blockchain (@WuBlockchain) July 14, 2023
This development underscores the influential role of South Korean investors in Ripple’s recent surge. The Asian nation has long been recognized as a significant player in the global crypto market, and this latest trading frenzy reaffirms its standing as a powerhouse in the digital currency landscape.
Notably, Crypto analyst Ali shared a tweet highlighting the foresight of certain XRP whales. The tweet link revealed his intriguing insights:
Some $XRP whales knew what was coming! https://t.co/0rMtVGOFqW
— Ali (@ali_charts) July 13, 2023
The trading surge coincides with the intriguing revelation by Ali, who tweeted that Ripple whales seemed to have foreseen this uptick. As per Ali’s findings, while the price of Ripple plummeted 12% from June 22 to June 28, whales – investors holding large amounts of a cryptocurrency – bought 360 million XRP, worth nearly $170 million.
Often seen as market movers, these whales appear to have capitalized on the dip, reinforcing the adage, ‘buy the dip.’ Their activity and South Korea’s dominant trading position have propelled Ripple into the limelight, sparking intrigue and debate among crypto enthusiasts worldwide.
Ripple (XRP) has demonstrated an impressive performance, with its price surging by 66.94% in the last 24 hours. The cryptocurrency is priced at $0.789, which significantly increased from its previous value. This surge in price has propelled XRP to the rank of 4 among all cryptocurrencies based on market capitalization. The market cap of XRP stands at $41,454,780,292, reflecting the overall value of the circulating supply of XRP coins. The trading volume for XRP in the last 24 hours reached $13,491,470,661, indicating a substantial level of market activity. XRP’s recent performance has attracted attention from traders and investors as the cryptocurrency continues to exhibit strong upward momentum.
Ripple, the digital payment protocol and its associated coin XRP has had a roller coaster ride in recent years, with legal battles, regulatory scrutiny, and fluctuating market sentiments. However, with this latest twist, Ripple is regaining its footing in the highly volatile crypto market.
The importance of staying ahead of the curve cannot be overstated as the crypto world continues to evolve at a breakneck pace. The actions of these Ripple whales and the robust trading activity in South Korea provide a fascinating insight into the dynamics of the crypto markets and underline the need for investors to stay informed and agile in this rapidly changing landscape.
