XRP trading activity is surging in South Korea, where traders often get excited about tokens that are on the rise.
Optimism from traders has pushed the XRP token to the top of the market, surpassing both Bitcoin and most other major altcoins during Asian trading hours.
XRP has increased by 7% in 24 hours to over $0.6483, the highest level since March 25, amid a scheduled major token unlock and heightened hopes for a smooth resolution of the nearly 4-year lawsuit between the SEC and Ripple.
A filing on Tuesday revealed that the U.S. Securities and Exchange Commission (SEC) intends to amend its complaint against the Binance exchange, including issues related to “Third-Party Crypto Asset Securities.” This potentially means that the judge will not have to decide whether 10 other altcoins, such as Solana (SOL) and Polygon (MATIC), are unregistered securities.
Although the document does not name any specific tokens, traders believe this could signal that the legal dispute between the SEC and Ripple Labs, which the regulatory body accuses of issuing XRP, may be coming to an end. Ripple and XRP are not interchangeable. While Ripple is a fintech company focused on building a global payment network, XRP is an independent digital asset used for activities like online payments and currency swaps.
Ripple is expected to unlock 1 billion XRP, equivalent to $641 million at current prices, in August as part of a predetermined unlocking schedule.
While the theory suggests that adding more token supply to the market would decrease prices, some developing studies indicate that this could actually boost the current bullish market trend due to increased liquidity.
Market data from CoinGecko shows that demand for XRP is coming from South Korea. The XRP/KRW trading pair reached $386.5 million compared to Binance’s XRP/USDT trading pair, which reached $352.5 million in volume.
In the crypto world, South Korean traders are known for driving strong price surges for tokens, contributing to buying pressure and potentially influencing prices. Earlier in July, XRP trading activity on local exchanges surpassed usually leading tokens like Bitcoin and USDT, contributing to a 20% increase in these tokens.
