Recently, Solar token (SXP) has gained a lot of attention from investors in South Korean crypto exchanges. SXP has performed highly in the past seven days, its price has significantly increased by more than 200%. This sharp surge in SXP price is accompanied by an explosive growth in trading volumes. Volume has been so significant that SXP is now the most profitable asset among the top 100 cryptocurrencies by market capitalization.

Analists are drawing parallels between the SXP performance and that of XRP on late March. That time, XRP first reached its highest-recorded price in local fiat market (Korean won (KRW) 768, or $ 0.585). After that, exaggerated trading volumes in Korean exchanges helped XRP to reach a top spot among the most traded cryptocurrencies. Currently, however, XRP has lost some ground in South Korea: its trading volumes have declined three times in Upbit, the biggest Korean exchange.

Despite this significant decrease in XRP trading volumes, on the second largest exchange in Korea, Bithumb, XRP still retains 27.24% of the total trading volume combined with Bitcoin (BTC), Ethereum (ETH) and Solar (SXP).

Overall, SXP has been growing quickly in the Korean market thanks to its impressive trading volumes. It is yet to be seen if SXP will continue its explosive growth in the future, or if the same conditions that impacted XRP apply to this token.



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