The surge in XRP trading volume against the Korean won on South Korea’s UpBit exchange was indeed significant, reaching a staggering $2.7 billion within 24 hours, showcasing a remarkable 281.03% change, as per CoinGecko data.
This surge followed the U.S. District Judge Analisa Torres’ ruling that XRP is not a security. As a result, Ripple’s XRP saw a significant increase of almost 100%, rising from $0.469 to $0.938 within the past 24 hours. Moreover, the price surpassed the strong resistance level of $0.92 that had persisted for the past 18 months.
This development was the driving force behind the surge, accounting for over 50% of UpBit’s total trading during that period. The market depth, indicating token liquidity, stood at $5 million, where a $5 million order only had a 2% impact on XRP’s price. This level of liquidity was unusually high, as it typically remained below $1 million.
South Korean traders on ten other local exchanges also contributed to the global trading volume, which reached a total of $13 billion, surpassing Binance’s $2.2 million worth of XRP trading.
The surge in XRP trading volume against the Korean won on the UpBit exchange, driven by the court ruling and increased liquidity, highlights the growing investor interest and significant market impact of the token.
Also Read: Ripple (XRP) Price Soars Nearly 100% Amid SEC Victory
