XRP Volume Outshines Bitcoin On Upbit Amid Price Breakout

The last 24 hours has been filled with positive sentiment for Ripple-associated crypto XRP. With a clear distinction, XRP has outperformed several cryptocurrencies including Bitcoin on South Korea’s top exchange Upbit.

XRP Metrics Looks Good

Data from CoinGecko shows that the key XRP trading pair has outpaced Bitcoin, Shiba Inu, Ethereum, and other digital asset pairs on Upbit. In the last 24 hours, the XRP/KRW pair has registered a 22.16% increase in trading volume. This surge corresponds with a trading volume of $405.7 million.

Meanwhile, BTC/KRW is only 14.26% up within the same period with a trading volume of $261 million. SHIB/KRW has seen a 4.8% increase in trading volume, which is only about one-third of all that XRP has recorded.

The surge in the trading volume of the other crypto pairs ranges from between 0.24% to 4.8%. Other XRP key metrics are equally looking good compared to its counterparts.  At the time of this writing, XRP was trading at $0.5982 with a 2.18% in the last 24 hours. XRP traded on a higher level in the early hours of Wednesday. Precisely, it went up by 12% in 24 hours on top of a 40% increase in seven days. From its bottoming out level of $0.4 to the current level of $0.59, XRP is still registering a gain.

At the time, the trading volume soared by more than 40% and its market capitalization up by 22%. Currently, XRP is positioned as the 6th most traded position with a trading volume of over $3.6 billion. The token is also the 7th largest cryptocurrency with $$33.3 billion in market cap.

Speculations about Ripple vs SEC Settlement

Many believe that the biggest force behind the sole XRP rally is connected to recent developments in the Ripple vs. SEC lawsuit. There are serious speculations about a possible settlement between both entities.

So far, a series of alleged closed-door meetings between Ripple and the regulator has further ignited the settlement rumors. Today, July 17, about 195 million coins were reportedly transferred to and from exchanges, among which 150 million were moved from Ripple. This could be a potential push by Ripple trying to capitalize on the ongoing bull run that the talks about settlement has triggered.

Pro-Ripple lawyers Bill Morgan and Fred Rispoli expects a final XRP ruling in the remedies briefing by the end of July or early August.

Read More: Bitcoin Price Soars 12% But Are Crypto Stocks MicroStrategy, Coinbase Surging?

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