South Korean traders have significantly contributed to XRP’s massive 30-day rally, which saw the price soar over 400% to $2.60, but the surge isn’t solely driven by them. While the South Korean market is renowned for its strong appetite for altcoins, U.S. investors are also playing a key role in XRP’s recent success, particularly on exchanges like Coinbase.

Data from CryptoQuant reveals that the XRP/USD pair on Coinbase has consistently traded at a premium compared to Binance’s XRP/USDT pair in the past month, with price differences ranging from 3% to 13%. This suggests the presence of large investors, or “whales,” who are actively trading XRP on Coinbase. Conversely, the price of XRP on Upbit, the top South Korean exchange, hasn’t shown significant premiums.

The premium on Coinbase is likely fueled by broader market sentiment surrounding the potential for crypto to thrive under former President Donald Trump’s administration. Many believe that a more favorable regulatory environment under Trump will enable XRP to be widely adopted as a “bridge currency” for international payments, especially among financial institutions. FRNT Financial highlighted in a recent report that Trump’s pro-crypto stance is supporting the narrative that XRP could become an essential tool for foreign exchange transactions.

However, South Korea continues to lead in XRP’s trading volume. According to Coingecko, the XRP/KRW pair on Upbit has seen a staggering $7.63 billion in trading volume over the past 24 hours, accounting for 26% of total XRP activity globally. On Coinbase, the XRP/USD pair has traded $1.7 billion during the same period, making up 17% of the exchange’s total turnover of $9.89 billion. Despite the strong performance on U.S. exchanges, South Korean exchanges maintain the highest volume for XRP trading.

This surge in trading volume comes after the resolution of the SEC’s legal case against Ripple, which had previously kept XRP out of U.S. markets for a significant period. The favorable outcome has allowed XRP to be re-listed on major exchanges like Coinbase, boosting its trading volume and increasing its market presence.