JAKARTA - XRP, one of several crypto assets that managed to outperform Bitcoin in the latest market rally. Traders have been hoping for a potential win in a protracted legal battle over the years between blockchain company Ripple and US Securities and Exchange Commission (SEC).
Even so, they hope the court's ruling will come out in April. In the last two weeks alone, the value of XRP has increased by 40 percent. At the time of writing XRP, it was trading at IDR 7,480 per coin, according to Coingecko data.
According to a recent report from Kaiko, XRP trading activity is centered on the South Korean exchange, particularly in Upbit and Bithumb, with trading volumes sometimes exceeding the trading volume of Bitcoin and Ethereum.
The trading volume of XRP reached more than US$2 billion (Rp29.5 trillion) in one week, reaching its highest level since September 2022. Kaiko also found that open interest in XRP futures contracts also increased to US$471 million (Rp6.9 trillion) from the previous US$230 million (Rp3.4 trillion). In addition, the level of funding has also turned positive, signaling that traders tend to take long positions.
The report from the Paris-based crypto data provider also reveals that the imbalance in sales in XRP's market orders of 200 thousand tokens shows that owners of large coins are involved in selling in price rallies. With owners of large coins taking profits, the latest rally in XRP seems to be driven by retail trade.
"Judging from buying and selling transactions on the two largest exchanges of Korea, Upbit and Bithumb, the market sale order is far more than the market purchase order for orders of 200 thousand XRP (95 thousand US dollars or Rp1.4 billion). On the other hand, the buy/sale ratio is more balanced for smaller orders." as stated in the report.
Thus, XRP managed to surpass Bitcoin in its latest market rally, driven by active retail trading, especially on South Korean exchanges. The hope for positive results in the legal battle between Ripple and the SEC is also a factor that affects the increase in XRP value.
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