XRP has continued to gain steam in South Korea, leaving Bitcoin and Dogecoin behind. The token’s performance did not start in the new year, bringing its momentum from last year, when it became the go-to option for South Koreans.
According to several reports, the token’s trading volume leapfrogged Bitcoin and Ethereum in the country heading into the new year. This trend is evident in the token’s trading volume against the Korean won on prominent South Korean exchanges.
XRP trading volume surges on South Korean exchanges
According to data tracking the trading volumes of South Korean exchanges, including Upbit, Bithumb, and Coinone, XRP’s trading volume has been on a heater. On Upbit, the largest crypto exchange in the country, XRP’s trading volume is around $591 million, ranking above Dogecoin’s volume at $340 million.
Bitcoin ranks further down in the trading volume category, boasting a small figure above $133 million.
These stats reflect the country’s crypto crowd’s affinity for XRP. The market has been responsible for several rallies over the last few years. Aside from Upbit, the trend is also evident on other exchanges in the country.
The token’s rise has seen it hit different significant price milestones, setting it up firmly in the top 10 of digital assets according to market cap. However, the rally had intermittent drops which saw the asset initially drop below the $2 mark before surging by 24% to trade close to $2.50.
The rebound also comes after the asset dipped for nearly a month after hitting a high of $2.90. While some market participants attributed the rally to Donald Trump’s emergence as the President in the United States election last year, others attributed it to the likelihood of a favorable verdict in Ripple’s legal tussle with the Securities and Exchange Commission (SEC).
Analysts make bold predictions
The recent XRP rise has sparked optimism in the market, as analysts and experts are starting to make favorable predictions.
Some believe that XRP is primed for further gains, noting that the asset could be targeting $4.11 and $5.85. More bullish predictions have made $8 price target calls for the end of the year, contingent on the global crypto market hitting a $5 trillion valuation.
These price calls also depend on XRP maintaining its popularity in the market, especially in the cross-border payments scene.
XRP’s dominance in South Korea also shows the asset’s appeal in one of the leading crypto markets worldwide. With its trading volume on the way up, and experts making renewed optimistic predictions, XRP could well be prepared for an interesting year ahead. Meanwhile, for that to happen, it would need to get its legal battle with the SEC sorted.
With Donald Trump at the helm of affairs at the White House, there have been predictions about the SEC possibly dropping the case. With SEC Chair Gary Gensler on his way out, the incoming pro-crypto Paul Atkins may want to use the Ripple case as a show of good faith to the crypto industry, showing them what the Trump administration has in store for them.
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