Aleksei Dmitry Melnik 
It appears that the craze for crypto trading in South Korea has resurfaced, driven by the recent surge in the value of XRP tokens. The trading volumes for XRP on three of the country’s most significant exchanges, UpBit, Bithumb, and Korbit, have increased dramatically and reached billions of dollars due to the token’s 26% increase in value over the last week.
XRP Sees Over $1 Billion in Trade Volume in South Korean Markets
Over a single day, data from CoinGecko and CoinMarketCap showcases that XRP trading accounted for an overwhelming 50% volume on Korbit as well as 37% and 18%, respectively, respectively, on Bithumb and UpBit. The U.S. dollar was used against UpBit, while both Bithumb and Korbit utilized the Korean won in their transactions.
The recent surge in XRP token prices has resulted in a significant increase in trading volume, surpassing the usual market leaders, Bitcoin and Ethereum, on most exchanges. Among the exchanges, UpBit recorded the highest global trading volume of XRP, with over $790 million worth of tokens traded in the last 24 hours. In comparison, Binance traded a smaller amount of $720 million, according to CoinGecko data.
The South Korean Market Is Notorious For This Kind Of Jumps
South Korean traders are known for creating euphoric rallies in the cryptocurrency market. For example, the Kimchi Premium is a term used to describe the phenomenon of bitcoin trading at a premium on local exchanges, sometimes up to 30% higher than on international exchanges. However, some of the trading volumes in South Korea may be inflated by wash trading, which is a manipulative technique used by traders to artificially increase trading volumes by repeatedly buying and selling the same asset.
The CFTC’s Recent Decision Might Have Caused This Leap
The fixation on XRP has been fueled by conjecture that it might be classified as a commodity by the CFTC. This theory follows in the wake of Bitcoin and Ether being deemed commodities during Binance’s court case with the United States Commodity Futures Trading Commission (CFTC).
If XRP is classified as a commodity, it could positively impact Ripple’s case against the SEC. Currently, the SEC claims that XRP tokens are securities, but Ripple could come out on top if they are deemed a commodity instead. Many traders see this as a bullish signal for XRP.
According to a market update by Lewis Harland, the portfolio manager at Decentral Park Capital, the recent bullish momentum in XRP appears to be driven by optimism regarding Ripple’s ongoing case against the SEC, which many traders believe Ripple could win.
