XRP flips Solana market cap, soars to seven-year high fueled by South Korean traders

Ripple‘s XRP experienced a remarkable surge over the weekend, crossing the $2 mark for the first time in nearly seven years.

Data from CryptoSlate shows that XRP reached a peak of $2.50, the highest price since January 2018, before stabilizing at $2.27 at press time.

Despite this slight pullback, XRP has seen a daily increase of 20%, boosting its weekly gains to 54%. Over the past month, the token’s value has surged by 345%, marking an impressive fourfold rise.

This rally elevated XRP to the fourth spot among the top crypto by market capitalization, overtaking Solana. XRP’s market cap is now $133.9 billion, while Solana trails at $112 billion.

If it maintains its current momentum, XRP’s market cap will surpass that of Tether’s USDT, currently at $134 billion.

South Korean traders’ fuel run

A significant portion of XRP’s recent surge is attributed to South Korean traders.

Blockchain analytics firm Scopescan noted that XRP/KRW trading volume on Upbit, South Korea’s largest exchange, hit $3.8 billion in the last 24 hours, outpacing Bitcoin trades by 11 times.

On Bithumb, another major South Korean platform, XRP trades reached $1.2 billion, representing 32% of the exchange’s total volume.

Meanwhile, global platforms like Binance and OKX reported increased XRP activity, but Bitcoin and Ethereum retained higher trading volumes.

Ryan Kim, co-founder of Hashed, highlighted the loyalty of South Korea’s XRP community. He linked this enthusiasm to early adoption campaigns in the country, suggesting that long-time investors are reaping significant returns.

He stated:

“Ripple Labs sold XRP to Korean Ajummas with Ponzi scheme in 2014. It called ‘Ripple Market Korea.’ There were so many people invested in XRP back then. Probably they made so much money lol There is genuine XRP community in Korea and That’s why Korean are buying XRP a lot.”

Other catalysts

Meanwhile, XRP’s rally also coincides with a significant shift in market sentiment, fueled by regulatory optimism and institutional interest.

Market observers noted that President-elect Donald Trump’s pro-crypto stance and the resignation of the Securities and Exchange Commission (SEC) Chair Gary Gensler have renewed hope for a favorable outcome in Ripple’s legal battles against the financial regulator.

Further, the potential approval of XRP-focused spot ETFs adds to the excitement. Major players like 21Shares and Bitwise have filed applications for such products, signaling increased institutional interest. Ripple CEO Brad Garlinghouse believes an XRP ETF is only a matter of time, especially after the SEC approved similar funds for Bitcoin and Ethereum.

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