Following Ripple’s recent legal victory against the US Securities and Exchange Commission (SEC), the crypto market experienced a significant spike in XRP prices. This market movement has been particularly pronounced on South Korean cryptocurrency exchanges, as evidenced by altcoin volume data from Upbit, the country’s largest exchange.
Over the last 24 hours, XRP emerged as the most actively traded cryptocurrency on Upbit, with a substantial volume of $628.7 million, which is 31.51% of the total market share. The positive sentiment surrounding Ripple’s official victory has definitely influenced the enthusiasm of traders for XRP.
Apart from XRP, several other altcoins are also showing strong performance on Upbit. FirmaChain (FCT2), 1inch Network (1INCH), Ark (ARK), and ThunderCore (TT) secured their spot in the top five by volume, reflecting the diversification of trading interests among South Korean crypto enthusiasts.
By contrast, Bitcoin (BTC), the largest cryptocurrency by market cap, has remained relatively stable on Upbit, hovering around $30,665. Despite its stability, Bitcoin trading volume on Upbit stands at $59 million, representing a 2.96% market share and securing a respectable sixth place.
Other leading cryptocurrencies have also made their mark on the Upbit trading landscape. Solana (SOL) claimed seventh place with around $50 million in volume, followed by Alpha Quark Token (AQT) in eighth place with $49 million. eCash (XEC) secured ninth position with a trading volume of $44 million, while Bitcoin Cash (BCH) rounded out the top ten with $43 million.
XRP’s dominance, coupled with the noteworthy performance of various altcoins, demonstrates the dynamic nature of the South Korean crypto market in response to significant developments. Ripple’s legal victory has undoubtedly sparked renewed interest and trading activity, with investors and traders closely monitoring the implications of this landmark case.
As the crypto landscape continues to evolve, market participants will be closely watching the next market moves and the lasting impact of Ripple’s legal victory. The surge in XRP trading volume on Upbit serves as a testament to the response of the crypto community to regulatory developments and highlights the importance of legal clarity in driving market growth and investor confidence.