XRP Trading Volume Flips BTC In Korea Amid Settlement Speculation

The recent positive XRP price action appears to have sparked a new wave of investors’ interest in the cross-border payments coin. XRP trading volume overtook

XRP price action has attracted a lot of attention lately, especially considering the coin’s recent surge in trading volume on South Korean crypto exchanges.

According to data from CoinGecko, XRP was responsible for an impressive 40% of trading activity on UpBit, South Korea’s largest crypto exchange, earlier this week. On Bithumb and Korbit, two other major Korean exchanges, XRP accounted for over 35% of trading volume.

In comparison, Bitcoin (BTC) saw a much lower volume of $282 million, highlighting the strong demand for XRP among Korean investors.

This isn’t the first time XRP has overtaken BTC in terms of trading volume in Korea. In July of last year, the coin flipped BTC by a large margin when its value soared to $0.93, largely driven by optimism surrounding the historic ruling in its lawsuit against the United States Securities and Exchange Commission (SEC).

Meanwhile, XRP surged by nearly 40% to $0.64 earlier this week amid widespread speculation that Ripple Labs was nearing a settlement agreement with the U.S. Securities and Exchange Commission — though it fell back to $0.56 lows after the agency gave notice that a closed-door meeting was canceled.

Speaking of settlements, XRP is getting renewed attention as the SEC reschedules a closed meeting for July 25. The upcoming meeting has sparked speculation about resolution talks between Ripple and the SEC after years of legal turmoil.

Interestingly, the agenda for this upcoming meeting includes several of the same items as the canceled July 18 meeting, such as “institution and settlement of administrative proceedings, resolution of litigation claims, and other matters relating to examinations and enforcement proceedings.”

As a reminder, the securities watchdog is now seeking a $103 million fine for unregistered sales to institutions, while Ripple wants to pay not more than $10 million.

In recent developments, Ripple CEO Brad Garlinghouse said he expects the resolution of legal issues with the SEC “very soon”.

While the specific details of the meeting next week are still unknown, the community is keeping a close eye on the case, hoping for updates that will positively impact XRP’s future.

The outcome of the SEC’s suit could also have broader implications for the crypto industry, as it may help to determine the regulator’s jurisdiction over crypto assets.

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