While the broader cryptocurrency market experienced significant declines over the past week, XRP has demonstrated a notable bullish trend. Over the last seven days, the asset surged by more than 20%, making it the top performer among large-cap cryptocurrencies. According to market data, XRP recorded the highest trading volume on Upbit, South Korea's largest cryptocurrency exchange. Its trading activity even surpassed that of major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Trading Volume Surge on Upbit
Beyond its sustained price increase, XRP's trading volume on Upbit has exceeded expectations. The asset currently accounts for 28.71% of the exchange's total trading volume, significantly outpacing other large-cap assets listed on the platform.
With Upbit's total trading volume standing at $1.5 billion, XRP contributed approximately $446 million, securing the top position among all listed cryptocurrencies. Bitcoin (BTC) ranked second with a volume of $169 million, while Ethereum (ETH), the second-largest cryptocurrency by market cap, ranked ninth with just $33 million. This places ETH below even Dogecoin (DOGE), which recorded $57.5 million in volume and ranked fourth.
The increase in XRP trading volume in Korea began notably last week, particularly a few days after the token's sharp rise of up to 25% on March 21. Interestingly, these transactions on Upbit are primarily conducted in Korean Won (KRW). This surge in volume may indicate that Korean investors are exchanging their local currency for XRP, despite the ongoing legal proceedings between Ripple and the U.S. Securities and Exchange Commission (SEC). Prominent lawyer John E. Deaton has also commented on Twitter, noting that XRP's risk-reward ratio appears attractive at current market prices.
Can the Rally Sustain?
XRP has shown impressive performance over the past week, climbing from a low of $0.37 on March 20 to a high of $0.49 the following day. From a technical perspective, the asset appears well-positioned for further gains, with charts indicating remaining upward liquidity.
Examining the XRP price chart on a one-day timeframe, the asset recently tested a major resistance zone around $0.49. A breakthrough above this level could signal a continued surge toward other key resistance points at $0.50 and $0.54.
However, the overall daily trading volume for XRP has begun to decline, suggesting a potential slowdown in buying pressure. The asset's current 24-hour trading volume stands at $2.7 billion, compared to nearly $4 billion last week.
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Frequently Asked Questions
What caused XRP's recent price surge?
XRP's price increase appears driven by heightened trading activity, particularly on South Korean exchanges, alongside positive market sentiment despite ongoing regulatory challenges.
How does XRP's volume compare to other major cryptocurrencies?
On Upbit, XRP's trading volume surpassed both Bitcoin and Ethereum, indicating strong regional demand and investor interest.
What are the key resistance levels for XRP?
Major resistance levels are currently identified at $0.49, $0.50, and $0.54. A sustained break above these could indicate further upward momentum.
Is the decline in daily volume a concern?
While volume has decreased from its peak, it remains relatively high. Traders should watch for volume trends alongside price movements to gauge market strength.
How does the Ripple-SEC case affect XRP's price?
Although the legal proceedings introduce uncertainty, recent price action shows that market dynamics and regional demand can outweigh these factors in the short term.
Where can I learn more about trading strategies for cryptocurrencies?
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