XRP Overtakes Bitcoin in Trading Activity on South Korean Platforms Amid Anticipation of Ripple-SEC Settlement – ZyCrypto

The recent uptick in XRP value has sparked heightened interest from investors in the cryptocurrency designed for cross-border payments, with trading volumes in South Korea surpassing those of Bitcoin (BTC) on major exchanges like UpBit and Bithumb. Amid rumors of an impending settlement in the continuous legal battle between the SEC and Ripple, the market sentiment around XRP has been optimistic.

XRP Commands Lead in Korean Exchange Trading Volumes Over BTC

In a notable shift in the crypto marketplace, XRP has captured the majority of trade volumes in the South Korean crypto exchanges.

Recent statistics from CoinGecko show that at some points in the past week, XRP made up approximately 40% of the trade volume on UpBit, South Korea’s premier exchange, and attained over 35% on Bithumb and Korbit. XRP’s recorded trading volume hit a remarkable $650 million, surpassing Bitcoin’s $282 million. This shift points to an emerging preference for XRP over the routinely dominant Bitcoin and USDT among investment circles in South Korea.

It is noteworthy to recall that in the previous year, the XRP token notably overtook Bitcoin in the Korean crypto market as its value surged to $0.93, buoyed by positive market reactions to a landmark decision in its dispute against the SEC.

Amidst rampant speculation regarding a prospective Ripple settlement with the SEC, XRP prices soared by nearly 40% to the $0.64 mark, only to retract to a lower $0.56 following the announcement that a previously scheduled SEC meeting had been postponed.

Potential Settlement on the Horizon?

With the SEC’s new scheduled meeting on July 25 stirring speculation, XRP has been the subject of renewed focus, indicative of possible settlement talks with Ripple following extended legal strife. The upcoming meeting’s agenda carries several of the same items from the previous gathering, hinting at “initiation and settlement of administrative proceedings, resolution of litigation claims, and matters related to examinations and enforcement actions.”

Recall that the SEC is currently advocating for a $103 million penalty due to unauthorized institutional sales, while Ripple is countering with a cap of $10 million. Ripple CEO Brad Garlinghouse has also recently hinted at an imminent resolution with the SEC in the ongoing legal tussle.

Although specific details regarding the upcoming meeting are still under wraps, the progression of the case is under vigilant watch by the community, with many optimistic for outcomes that could positively affect XRP’s trajectory.

The eventual decision in the SEC’s action will not just impact XRP but potentially sway the broader crypto industry by establishing precedents for the regulatory body’s governance over digital assets.