One of the top three cryptocurrencies on significant Korean exchange platforms continues to be XRP, the cryptocurrency linked to blockchain payment technology company Ripple. Recent data shows that XRP has maintained a large trading volume share on two of the biggest Korean exchanges, Upbit and Bithumb.
XRP has continuously ranked among the top three cryptocurrencies on Upbit regarding trading volume. Despite having smaller percentages of the trading volume than Bitcoin (BTC) and Arbitron (ARB), XRP has held a dominant position with a $120 million trading volume. Approximately 9.9% of the platform’s overall trading volume is represented by this development.
Similar to how it has done on Bithumb, XRP has proven to be strong in the Korean market. Trades, including XRP, make up 18.9% of the total volume, or $55.4 million. With a 28% trading volume share, Bitcoin has a greater market share on Bithumb.
Given the recent turbulence in the cryptocurrency industry, the continued dominance of XRP on South Korean exchanges is noteworthy. While the value of various cryptocurrencies has fluctuated dramatically over the past year, XRP has shown a fair amount of steadiness. Due to this, it has become a desirable choice for traders and investors wishing to make a more secure cryptocurrency investment.
Numerous elements contributed to XRP’s success in Korea. The significant presence of Ripple in the Korean market is one important element. Woori Bank and SBI Ripple Asia are the only two Korean banks and financial organizations that Ripple has partnered with. As a result, more people now regard XRP as a trustworthy and secure cryptocurrency.
XRP’s Relevance In Korea And The Influence Of SEC
The popularity of XRP in Korea is also a result of the nation’s keen interest in blockchain technology. As a result of the government’s significant investments in the advancement of technology, Korea has emerged as a global center for blockchain businesses and innovation. This has allowed cryptocurrencies like XRP to flourish in a favorable climate.
Although XRP has been successful in Korea, it has had considerable difficulties in other areas. Recall, that the United States Securities and Exchange Commission (SEC) sued Ripple in December 2020, claiming XRP was an unregistered securities. As a result, numerous exchanges delisted XRP, which caused its value to drop.
Ripple has asserted that XRP is not a security to counter the SEC’s case. The report said that when a judge decided that Ripple might get access to the SEC’s internal conversations about cryptocurrencies in March 2021, Ripple scored a little headway in the dispute. This might enable Ripple to refute the SEC’s accusations with further evidence.
XRP Market Performance, And The Future Prospect
XRP has kept proving its tenacity in the Korean market despite the ongoing legal dispute. The cryptocurrency’s successful performance on Bithumb and Upbit is evidence of its acceptance and perseverance. The outcome of the SEC action might significantly impact the value and prospects of cryptocurrencies.
However, for now, XRP’s dominant position on Korean exchanges is encouraging for traders and investors wishing to make a safe and reputable cryptocurrency investment. Investigations say that XRP has maintained its stance as the most favorite coin of all the major cryptocurrencies in the global market.
It was also gathered that South Korean cryptocurrency traders had gained sudden likeness for the coin. Data obtained from Kaiko: a cryptocurrency market signal provider, also confirmed this claim.
According to Kaiko, the sudden preference for XRP among Koreans is visible throughout the country’s four major cryptocurrency trading platforms, including Coinbase. According to a chart from CoinMetrics, cryptocurrency wallets holding not less than 10k units of XRP tokens increased by over 2x after the lawsuit between the company and the Security and Exchange Commission (SEC).
Also, CoinMetrics saw the figures increase from under 120,000 in December 2020 to 260,000 in April 2023. The price is alright too. As of the time of writing, XRP is priced at $0.5168, with a 0.22% increase within 24 hours.