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XRP commenced the year with a significant uptick amid a broader cryptocurrency market reboot. This price rally comes as XRP records massive adoption in different regions globally.
Upbit takes lead in global XRP trading
South Korea’s biggest crypto exchange, Upbit, has recorded over $1.3 billion worth of XRP volume through the exchange. CoinMarketCap data gives the figure as $1.337 billion in the last 24 hours.
This represents about 12.13% of the entire XRP volume traded in the last 24 hours. Some analysts see this as a significant development for XRP. They believe Upbit could drive the new price rally for XRP, given that the asset is a favorite bet in South Korea.
Their projection lies in how the different crypto exchanges have fared in volume distribution. For instance, Upbit outperformed Binance in terms of transaction volume. Binance’s XRP/USDT and XRP/USDC recorded 10.56% and 1.55%, respectively. Their cumulative sum of 12.11% falls slightly less than that of Upbit.
The massive adoption has pushed the XRP price up a notch to start 2025 on a bullish path. As of this writing, XRP is changing hands at $2.40, which represents a 12.70% increase, according to data. The combined trading volume has surged by 146.95% to $11 billion as investors flock to the altcoin.
Prospects for prolonged XRP rally
Analysts say XRP is rebounding well, and if the asset sustains the momentum, it might retest its December all-time high (ATH) of $2.62. XRP is just 23 cents away from flipping the price level. In earlier trading, the XRP price topped $2.43 before witnessing resistance.
However, with the increasing adoption signaled by increasing price and market volume, the asset might also soar in price.
With XRP kicking off 2025 on a high note by outshining other notable crypto assets like Bitcoin and Ethereum, market observers see prospects. They believe that XRP might have commenced its second round of projected rallies.