XRP surpasses Bitcoin on Upbit with huge 24-hour volume of $2.6B

July 14, 2023 11:19 PM AEST | By Invezz

XRP surpasses Bitcoin on Upbit with huge 24-hour volume of $2.6B — Image source: Invezz

XRP price surges after Ripple’s win

As the Ripple team pointed out yesterday, the XRP win is for all of crypto. Bitcoin rose to a new year-to-date high above $31,600 and Ethereum topped $2,000. Altcoins such as Stellar (XLM) and Cardano (ADA) also rallied hard. However, XRP basked in its own glory as the price broke higher.

XRP is not a security.

This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.

A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.
— Ripple (@Ripple) July 13, 2023

A look at the XRP price charts shows derivatives funding rates have jumped to their highest level in 2023 with the metric at 0.014% globally. A spike in funding rates has historically seen an influx of traders sporting long positions. Open interest is also at YTD peak as the market bets on fresh price bumps.

XRP volume on Upbit surge to $2.6 billion

According to data from exchanges, XRP’s trading volume in the past 24 hours was 2,300% up at 8:20 am ET on Friday. Total trading volume for the cryptocurrency was over $14 billion as shown by data from CoinGecko, having dramatically jumped from around $613 million a day earlier.

The 23-fold increase included a huge $2.6 billion in trading volume from South Korea’s largest crypto exchange Upbit. The token’s volume represented 46% of total trading volume on the South Korea-based crypto trading platform.

Bitcoin, whose global 24-hour trading volume stood at $22 billion at the time of writing, had only accounted for about 5% of volume on Upbit in the morning. In the hours after a US judge said XRP wasn’t a security, Upbit topped Binance and OKX as the three exchanges with the largest volume for the cryptocurrency.

This came as Coinbase, Kraken and other platforms that had delisted XRP following the SEC case either re-enabled trading or announced plans to do so. Gemini, for instance, noted it would be opening trading for XRP in both spot and derivatives markets.

The post XRP surpasses Bitcoin on Upbit with huge 24-hour volume of $2.6B appeared first on Invezz.

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