UpBit, South Korea’s top crypto exchange by trading volume, has just outpaced popular global exchanges by 24-hour turnover on XRP. The altcoin’s trading volume saw a significant boost within the XRP/KRW pair.
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This accounted for roughly 15.55% of all activity on the platform, edging out the two most popular digital assets, Bitcoin (BTC) & Tether USD (USDT). Pushing the daily turnover past $225 million, the demand comes from regulatory nuances.
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Korean Traders Embrace XRP As Hedge Against Limitations
South Korean traders are prohibited from betting on crypto currencies with leverage, so Futures and Perpetuals markets are out of the question. This makes low-cost remittance altcoins like XRP extremely attractive for day-traders who use quick-scalping methods.
While UpBit’s crypto exchange garnered $225 million in XRP trades on Friday, the action on Futures markets is getting intense. The overall Open Interest (OI) has soared by 6.41% to $3.80 billion, which accounts for unsettled leveraged plays on XRP’s market value.
The long versus short ratio on leveraged markets is still leaning on the bearish side at 0.947. On the other hand, short-sellers got whipped with $6.23 million in liquidations in comparison to bulls’ $3.46 million, latest data from CoinGlass says. This has kept the OI funding rate on a high-roll.
XRP’s notable shift in the Perpetual markets started during the late August rally, and now it looks like the OI-weighted funding rate is gradually restoring those levels. The bigger question is if XRP manages to convert the bullish metrics falling in line to a wider bounce back rally.
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