XRP Crowned Top Altcoin In South Korea: Is This A Good Time To Buy?

Ripple‘s XRP has taken the country’s crypto market by storm, leaving popular assets like Dogecoin (DOGE) in the dust. In fact, XRP’s trade volume has surged to a jaw-dropping $16 billion since the beginning of the year, according to data from crypto market intelligence provider Kaiko. 

Unprecedented Trade Volume Growth

Kaiko’s analysis of the top altcoins, based on trading volumes since the beginning of 2023, considered multiple exchanges, including South Korea’s four largest exchanges – UpBit, Bithumb, Coinone, and GOPAX – and Coinbase. XRP’s trade volume on these South Korean exchanges has skyrocketed, surpassing Nano and Dogecoin, with more than three times the volume.

XRP’s trade volume on the top four South Korean exchanges is greater than the combined volume of the three assets ranking second to fourth. Despite the ongoing legal battles with the U.S. Securities and Exchange Commission (SEC), XRP has experienced an impressive price surge over the past 90 days, outperforming Bitcoin. The asset’s price has increased by 37% within this period, currently trading at an average price of $0.51.

Awaiting Crucial Legal Decision

Ripple Labs and its executives continue to fight the SEC to prove XRP is not a security. Amid the legal battle, Ripple’s Chief Legal Officer, Stuart Alderoty, clarified concerns about the exclusion of XRP from the Liquidity Hub (LH). Alderoty explained that LH is an enterprise product not catering to retail, with low liquidity in the United States due to legal uncertainty.

As Ripple anticipates the conclusion of its legal case with the SEC, a significant decision by Judge Analisa Torres could arrive within a matter of days or weeks. XRP supporter and lawyer John E. Deaton has suggested that this decision could come by May 6. If accurate, investors may have limited time to acquire XRP at discounted prices, with the recent slide potentially offering a good opportunity to buy at a relatively low price.