The trading volume of Ripple (XRP) on Korean trading platforms is sharply increasing.

Retail investors appear to be the main participants in the recent price rally of cryptocurrency XRP, which has become one of the few crypto-assets to outperform Bitcoin during the latest market-wide rally. Traders are betting on the possible success of the long-running lawsuit between blockchain company Ripple and the US Securities and Exchange Commission (SEC), with a decision expected in April. In the past two weeks, the value of XRP has increased by 40%.

In the latest report from analytics firm Kaiko, it is noted that the main trading activity for XRP is concentrated on South Korean exchanges, with volumes on Upbit and Bithumb platforms at times exceeding trading volumes for Bitcoin and Ethereum. Last week, XRP trading volumes reached $2 billion, the highest level since September 2022. Kaiko also notes that the total volume of XRP perpetual futures has grown to $471 million compared to $230 million, and funding rates have changed positively, indicating that traders are mainly engaged in long positions.

The report from the French cryptocurrency data provider also points out that the imbalance towards selling in the order market of more than 200,000 XRP tokens suggests that large holders, so-called whales, have been accumulating assets at rising prices. Thus, the recent XRP rally appears to be focused on retail trading.

The long-term legal battle between Ripple and the SEC has been full of unexpected twists. Accusations that Ripple controls the price of XRP have been refuted not only in court but also on social media. Crypto lawyer Bill Morgan recently stated that although the securities regulator claimed in its summary judgment motion that Ripple took several measures to support the XRP price, it failed to prove that the lawsuit had merit.

The crypto asset continues to steadily grow this year as optimism around the possible defeat of the SEC intensifies. Moreover, the crypto asset showed significant improvement in the later moments of March.

In related developments, Ripple announced a partnership with the Central Bank of Montenegro (CBCG) to develop a strategy for launching the country's central bank digital currency (CBDC).