In a surprising turn of events, Ripple’s XRP has outperformed market giants Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) in a recent surge of trading volume across major exchanges. This data comes courtesy of Presto Research’s Daily Market Brief, which analyzed volume changes on nine leading platforms, including Binance, Coinbase, and Upbit.
XRP Mania Grips South Korea
The data reveals a staggering 410% increase in XRP’s trading volume on Upbit, the largest exchange in South Korea. This marks XRP’s highest volume spike on any centralized exchange, highlighting the continued strong interest in cryptocurrency within the Korean market. This isn’t the first rodeo for XRP in South Korea. The Crypto Basic points out XRP’s previous dominance over Bitcoin in terms of total trading volume across the entire Korean market. Notably, XRP’s volume on Upbit alone surpassed Bitcoin’s volume on all five of Korea’s leading exchanges combined. This recent surge echoes the Korean market’s role in propelling XRP’s price to $0.93 in July 2023.
XRP Rallies Across Exchanges
The positive trend extends beyond Upbit. Other exchanges like KuCoin, Gate.io, Kraken, and Coinbase all witnessed significant increases in XRP trading volume, ranging from 124% on Binance to a whopping 287% on KuCoin. This suggests a broader revival of interest in XRP across various markets.
Giants Show Mixed Performance
While XRP enjoys a surge, established players present a mixed picture. Bitcoin, despite its dominant market position, saw a modest 60% increase on only one exchange (HTX). Notably, Bitcoin’s volume declined on other platforms like Gate.io, Coinbase, and KuCoin. Ethereum’s performance mirrored this inconsistency, experiencing both volume increases on KuCoin and Bybit alongside significant drops on Gate.io and HTX. Solana’s trading volume witnessed a primarily negative trend across exchanges, with the sole exception of a minor increase in HTX.
Beyond the Big Four
The data offers further insights into the market. Wrapped Bitcoin (WBTC) saw a remarkable 351.3% volume increase, while Shiba Inu (SHIB) experienced a 207.1% surge, reflecting continued retail investor interest fueled by ongoing ecosystem developments. The overall market cap, though fluctuating since the beginning of 2024, displays a recovery trend starting in mid-June, pushing toward the $2.5 trillion mark despite ongoing volatility.
XRP’s recent surge in trading volume paints an intriguing picture. While the long-term implications remain to be seen, it highlights the cryptocurrency‘s potential and the ever-evolving dynamics of the crypto market.
