• XRP is now the most traded coin in South Korea and has surpassed other significant coins on crypto exchanges.
• Data from WhaleWire and CoinMarketCap shows that more than $16 billion worth of XRP tokens have exchanged hands on different trading platforms in South Korea since Jan 1, 2023.
• The prospects of Ripple winning the lawsuit against the SEC have pushed XRP’s popularity, with its token prices increasing by more than 45% since the beginning of 2023.
XRP is the Leading Altcoin in South Korea
A report released by Kaiko, a South Korean analytical provider firm, reveals that XRP is now the most traded coin in South Korea. According to their data, XRP has surpassed other significant coins on crypto exchanges like UpBit, Coinbase, Bithumb, Coinone and GOPAX.
Data Supports Kaiko Report
WhaleWire also supported Kaiko’s report indicating that more than $16 billion worth of XRP tokens have exchanged hands on different trading platforms in South Korea since January 1st 2023. CoinMarketCap further showed that XRP’s trading volume in 24 hours exceeded $500 million on the UpBit exchange alone with Nano (XNO) and Dogecoin (DOGE) following respectively at a difference of more than $10 million.
Rise In Popularity
The surge for XRP has been seen not only in South Korea but globally as well. Data from Whalestas shows over $26 million worth of XRP tokens are currently owned by 100 Binance Smart Chain whales at current market price ($0.58). The increased interest for XRP can be attributed to Ripple’s expected positive outcome in their case against SEC which has caused a 45% increase since January this year pushing its market cap to over $25 billion dollars.
Recent Performance
Over the past seven days however when all coins were experiencing losses due to corrections, XRP sunk 1.4%. In addition it experienced a 1.1% decrease within 24 hours but still boasts an impressive 22% increase within 30 days according to CoinMarketCap statistics .
Conclusion
It remains uncertain what will happen with regards to Ripple’s case against SEC or if any additional news will cause further spike for XRPs value but one thing is certain – its popularity isn’t waning anytime soon!