XRP has had to endure tough trading days, which occurred in the days after the SEC announced its lawsuit against the remittance payment company. Recently, the digital asset gained massively in the crypto market; a two-digit gain registered around last week.
With the digital asset making intense surges in the past few weeks, analysts and experts have pointed to major Asian traders as the push behind the rally. According to several metrics, the Asian traders have a big belief that the digital asset might soon make a surge and are running into the market due to the fear of missing out.
Various tip Asian crypto exchange backing XRP
Despite the digital assets showing bearish signs, analysts have pointed that if the Asian traders pull maximum weight behind the asset, it could adopt the market’s bullish momentum. Major traders in the United States were surprised by the news of the rally because most of them were not expecting it because of the recent delisting news making the rounds. To avoid the SEC sanction, several crypto exchanges across the United States started to delist the digital asset on the back of the lawsuit between the firm and the SEC.
This shows that various XRP community members are still unmoved despite the move from the SEC, branding the asset as securities. According to a seasoned expert and analyst in the crypto market, the traders in the market are never moved by things like this.
He says that even though most of them would react and start selling it at the beginning, as time goes on, they would conform to the market activities, and things would go back to normal. To buttress the analyst’s point, a crypto trader who resides in Hong Kong noted that he bought most of his XRP stakes during the dip that occurred in December with the hope that the price would return to normal as the time progresses.
XRP records good trades against various assets in Asia
According to various traders, the dip is a perfect opportunity because even though various traders across the United States are selling their XRPs, traders elsewhere are still buying up, which means that market factors would always favor the asset.
According to various metrics, various exchanges outside the United States, especially in the Asian region, witnessed a spike in trades associated with XRP. Most of the trades that exchanges in the region seen were trades of XRP/USDT and trades of the Korean won against XRP.
Most of these activities that have been witnessed in the XRP were the ones that happened on popular crypto exchanges in the Asian region, including Huobi, Binance, and OKEx. This shows that various Chinese regulators are not concerned about the verdict of the American regulator when it comes to the crypto market.
Since various Asian regulators are neutral in their stance against Ripple, it means the exchanges across the region can continue to trade XRP. Another factor that has pulled XRP down is the absence of large scale investors in the network as analysts have agreed that if Bitcoin were in the same problem, institutional investors would have gathered up to keep the momentum alive.