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According to CoinMarketCap data, XRP, the seventh largest cryptocurrency by market cap, is witnessing a 115% surge in trading volumes.

In the last 24 hours, XRP's trading volume on the crypto market, which refers to the total number of XRP exchanged between buyers and sellers, came in at $1.83 billion.

XRP has likewise catapulted to the top of the trading charts in South Korea, showcasing the cryptocurrency’s growing appeal in the region.

According to the latest CoinMarketCap data, XRP is currently one of the most traded cryptocurrencies on major South Korean exchanges, surpassing even the likes of Bitcoin and Ethereum.

For instance, on Upbit, the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base, XRP was the most traded asset in the last 24 hours.

Likely explanation

South Korean traders are known for their active participation and quick response to market trends, hence XRP's dominance on the market might not be far-fetched.

Crypto asset manager Grayscale Investments announced the launch of the Grayscale XRP Trust, which helped boost the price of the seventh-largest digital asset by about 10% in yesterday's trading session.

XRP rose to highs of $0.588 before slightly retreating, although the gains were still sustained at press time. XRP is higher in the last 24 hours by 4.53% to $0.563, with a market value of $31.77 billion, according to CoinMarketCap data.

Grayscale trust aims to allow investors to gain exposure to XRP and will be available to eligible individual and institutional accredited investors.