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Ripple ($XRP), which has been in a legal battle with the SEC for years, has seen a tremendous rise after Donald Trump won the presidential election.
$XRP, which was below $1, first exceeded $1, and then rose above $2 with a sudden increase yesterday.
While $XRP has risen to $2.45 with its rally, the reasons for this rise are wondered.
At this point, blockchain analytics firm Scopescan said that Korean investors are likely behind the recent rise of $XRP.
Scopescan, who pointed out that Korean investors fueled the recent $XRP increase in his post from the X account, added that in the last 24 hours, the $XRP/KRW spot trading volume on Upbit, one of the largest exchanges in South Korea, reached $3.8 billion.
With this rise, $XRP left Bitcoin (BTC) and other altcoins behind, reaching 11 times the Bitcoin transaction volume.
On Upbit, $XRP ranked first, followed by Dogecoin (DOGE) and Shiba Inu (SHIB). Bitcoin ranked 8th, and Ethereum (ETH) ranked 11th.
Similarly, on Bithumb, another major exchange in South Korea, $XRP trading volume reached a total of $1.2 billion, accounting for 32% of the platform’s total trading volume.
https://twitter.com/0xScopescan/status/1863453005473034411
Solana Founder Calls for $XRP!
While $XRP attracted the attention of the entire market with this rise, a call for $XRP came from the co-founder of Solana.
Solana (SOL) co-founder Anatoly Yakovenko called for a national $XRP reserve in his post, saying, “We need a national $XRP reserve.”
Rising to the third largest cryptocurrency ranking in terms of market value, $XRP continues to be traded at $2.40, up 28.7% in the last 24 hours, according to CoinMarketCap data.
*This is not investment advice.