The Volume Of This Altcoin On The Korean Stock Exchange Overtakes BTC

It was noteworthy that the trading volume of XRP on Upbit, one of the most popular cryptocurrency exchanges in South Korea, suddenly increased and XRP became the asset with the highest volume in the stock market. According to CoinMarketCap data, the volume data of the XRP/KRW trading pair on Upbit has exceeded $230 million. This allowed it to rise well above Bitcoin, which currently has a volume of only 89 million dollars.

This rise in XRP volume on Korean exchanges is thought to be due to increased belief that Ripple will win a victory in the SEC case. With these expectations, the XRP price had increased by approximately 13% in the last 7 days. Ripple chairman Monica Long told CNBC on Wednesday that she is “very hopeful” that a positive resolution in the SEC case will be reached, and that the outcome is expected “within this year.” Monica Long said she thought it was “very unlikely” that the judge would rule in favor of the SEC, adding that “in our view, both the facts and the law are on our side.”

The SEC accuses Ripple of violating US securities laws by selling XRP without registering it as a security. Ripple disputes the SEC’s claims by stating that XRP should not be considered a security. The case has been pending for over two years and is expected to reach a conclusion later this year. The outcome of the lawsuit will have significant implications for the cryptocurrency industry as it could determine whether many other digital assets are also securities.