While the leading cryptocurrency Bitcoin is stagnant, XRP has surged rapidly, rising to the third position in the cryptocurrency market capitalization. Particularly, the surge in XRP trading volume is being led by domestic investors, as the trading volume is concentrated on domestic cryptocurrency exchanges.
According to the cryptocurrency information site CoinMarketCap, as of 2:20 pm on December 3, XRP was traded at $2.71 per unit. This is an 11.1% increase compared to 24 hours ago and an 88.6% increase compared to a week ago. As of November 5, the US presidential election day, XRP was trading at $0.51 per unit. XRP's market capitalization has soared to about $154.7 billion, ranking third among all cryptocurrencies, following Bitcoin (about $1.9 trillion) and Ethereum (about $439.2 billion).
The reason for the sharp rise in the value of XRP is that the US asset management firm WisdomTree has applied for the listing of a XRP exchange-traded fund (ETF), raising expectations for the launch of a XRP spot ETF. In addition, Ripple Labs, the issuer of XRP, has been embroiled in a lawsuit with the Securities and Exchange Commission (SEC) for several years, but the recent announcement of the resignation of SEC Chairman Gary Gensler in January next year is seen as a positive factor. Moreover, Ripple Labs CEO Brad Garlinghouse is being mentioned as a candidate for the 'cryptocurrency czar' position expected to be created in the second term of the Trump administration.
Meanwhile, it has been analyzed that Korean investors are leading the surge in XRP. The US cryptocurrency media CoinDesk reported that "XRP's trading volume has surged globally," and "Upbit, the largest cryptocurrency exchange in Korea, recorded a trading volume of over $4 billion in the last 24 hours, accounting for more than 27% of the global total." It analyzed that the surge in XRP trading volume in Korea is due to the news that the Democratic Party of Korea agreed to a 2-year postponement of the cryptocurrency taxation.
- Reporter Maeng Jun-ho
- next@sedaily.com
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