MEXC411 Million XRP Stuns Major Korean Exchange as Demand Soars
Highlights
- XRP volume on South Korean exchange Upbit has skyrocketed in the past 24 hours
- The price of XRP may see a rebound with retail boost
- Since the end of the Ripple lawsuit, institutional-focused products are also growing
The broader digital currency ecosystem is capitulating with XRP price in the spotlight. While the top altcoins are gradually reversing their gains in the market, the trading volume of XRP on Upbit, a top cryptocurrency exchange in South Korea, suggests shifting positive interest in the market.
Volume and Shifting Trends
According to data from CoinMarketCap, the combined XRP trading volume in the past 24 hours is down by 32% to $5,915,252,182.71. Despite this downturn, this adoption metric marks one of the biggest in the digital currency ecosystem.
In addition, the XRP volume on individual crypto exchanges saw an uptick, a sign of sustained investor adoption. As of writing, the coin’s volume skyrocketed 11.83% on Upbit to $819,614,507, equivalent to 411 million XRP at current prices.
Historically, the South Korean region is known as a more favorable market for XRP, a trend that has been sustained. As reported by CoinGape, it is not unusual for Korean investors to prioritize XRP over top rivals like Bitcoin (BTC).
The current adoption outlook implies that the Korean market may turbo-charge the coin’s rebound or sustained growth. Notably, this move has not impacted the coin’s spot valuation, with the price down 4.28% in 24 hours to $1.949.
XRP Price: What to Expect Next
Despite this price outlook, different key metrics have positioned XRP as one of the potential long-term gainers. Per an Elliot Wave analysis for the coin, there is a pathway that the third largest cryptocurrency may hit $20 in the future.
While many still consider the chances to be low, the ecosystem trends around the coin and its associated payments firm, Ripple Labs, lend optimism. In March, the US SEC closed its lawsuit with Ripple, and the firm responded in kind by withdrawing its counter-appeal.
With the case closed, the demand for XRP now goes beyond retail traders on Upbit or other secondary exchanges. Ripple recently acquired Hidden Road for $1.25 billion as it looks to expand into options trading and settlement.
In addition, there is a growing push for future products to target institutional investors further. While Bitnomial pioneered this product in the United States, Coinbase Exchange is also on track to launch related products later this month.
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