The XRP token has experienced a surge in trading volumes on three of South Korea's top exchanges, UpBit, Bithumb, and Korbit, with trading making up 37%, 18%, and 50% of all volumes respectively. The surge has been attributed to speculation that the token may be classified as a commodity by the US Commodity Futures Trading Commission, potentially helping Ripple in its ongoing case with the US Securities and Exchange Commission. The surge in XRP trading volumes is an anomaly, as bitcoin and ether typically account for the majority of trading activity on these exchanges. Some of the volume may be attributable to manipulative wash trading.

(By Shaurya Malwa)