XRP Outshines Bitcoin: South Korean Retail Investors Fuel Surge

Key Points

• XRP is holding onto $0.52 and has gained 2% in the last 24 hours. 
• Retail investors in South Korea are fueling demand. 
• Coinbase has threatened to move overseas if the U.S. regulatory environment doesn’t improve.

XRP continues to defy the odds as one of the top-performing cryptos this year, outpacing Bitcoin and other altcoins despite regulatory uncertainty. It is currently holding at around $0.52, rising 2% in the past 24 hours after coming eerily close to dipping below the $0.50 area in recent days. 

According to research firm Kaiko, it has been retail investors who have been fueling the momentum in XRP. Kaiko research analyst Dessislava Ianeva noted that XRP has been especially popular in the Korean markets. Retail investors have been fueling the gains there while the whales have been selling, she said. 

In fact, XRP has become South Korea’s leading altcoin lately, where trading volume has spiked from an average of $200  million to nearly $800 million in recent weeks on hopes of a legal victory in the battle against the U.S. SEC. 

Macroeconomist Henrik Zeberg, with over 108,000 followers, is bullish on XRP, tweeting in recent days, “Crypto is on the verge of taking off in a very big way” and naming bitcoin, Ethereum, JasmyCoin, and XRP.  

Ripple Liquidity Hub Without XRP 

Ripple recently launched the Ripple Liquidity Hub, which serves as a bridge to businesses looking to adopt crypto. However, the blockchain company failed to involve its own cryptocurrency, XRP, in the launch. Ripple remains mired in a legal battle with the U.S. SEC, 

Attorney and crypto enthusiast Bill Morgan is not concerned about the absence of XRP from the liquidity hub. He tweeted that “XRP holders shouldn’t be concerned,” explaining that it can serve as “great evidence for trial…that Ripple products don’t need XRP.” 

Coinbase Eyes International Expansion 

As crypto companies continue to face regulatory scrutiny, innovation could be forced to go overseas. Brian Armstrong, CEO of crypto exchange Coinbase, has revealed that the company is preparing to go to court against the SEC. The exchange was hit with a Wells Notice from the regulator in March, a formality before charges are usually filed.   

Armstrong is growing frustrated with the lack of regulatory clarity in the U.S. market. He laid out a couple of potential scenarios, which could see the exchange “investing more elsewhere in the world” or even “relocating.” Coinbase is eyeing the U.K. market, which has adopted a more crypto-friendly approach to regulation.