XRP is one of the few crypto assets that has outperformed Bitcoin in the latest market-wide bull run. Traders are betting on the possibility of Ripple winning in the years-long legal battle against the SEC, with a ruling scheduled in April.
According to Kaiko’s latest report, XRP trading activity is concentrated mainly on South Korean exchanges, with volumes on Upbit and Bithumb sometimes exceeding those of Bitcoin and Ethereum.
Last week, its trading volume surpassed $2 billion. This is the highest level since September 2022. Further assessment, Kaiko found that XRP perpetual futures open interest also increased to $471 million, up from $230 million. Furthermore, the funding rate turns positive, signaling that most traders are holding long positions.
The report by the Paris-based crypto data provider also indicated a sell-side imbalance in market orders of over 200K XRP tokens (~$95k) that whales sold during the bull run. With whales profiting, XRP’s latest rally appears to be driven by retail activity.