XRP Becomes Largest Trading Token In South Korea Exchanges• March 27, 2023 11:40 am • Comments
According to recent data from exchanges, it looks like XRP has now become the largest traded token on major South Korea crypto exchanges.
Crypto exchanges like Upbit and Bitthumb both reported that XRP had a trading activity of $348 million on March 26 which is much higher than the usual.
To give some perspective on high the trading volume is for XRP on these exchanges, the trading volume of XRP on Upbit even exceeded Binance’s BNB coin by 100 million.
The reason for the increased trading activity for the token is unknown, but many are speculating that it is because of increased interest from South Korean investors which may be financial insitutions.
The price of XRP was recorded top increase to spike for around 9% for a short time period before retracing back down due to the increased activity.
— ⭕ RIZ.GaryGenslerResign ☀️ (@RizXRP) March 26, 2023
According to popular belief, Koreans saw an opportunity to profit on XRP after the price corrected from Tuesday’s 26% rise.
The enthusiasm of Korean retail investors, which became apparent after the Aptos (APT) story, was enough for XRP to outperform the rest of the crypto market.
It is difficult to see how long this anomaly will last. Again, based on APT price action in January, the Korean bids could be the beginning of the end of the mini-rally in XRP.
On the one hand, a large-scale price correction could take place at any moment, but on the other hand, XRP could continue its outperformance for some time to come.
Based on the data, it was also shown that XRP made up around 30% of all the total trading volume on Upbit and Bitthumb combined which indicates that it is a large part of South Korea’s crypto industry.
XRP has recently reached a new yearly high of around 49 cents which it may have benefited from the recent banking crisis.
The crisis made digital assets like BTC and XRP much more attractive as alternative storages of wealth due to their decentralized nature and non-reliance on traditional financial institutions.
As the lawsuit between Ripple and the SEC drags on, the outcome of that case will also serve as a major catalyst on which direction the price of XRP moves afterwards.
— U.Today (@Utoday_en) March 26, 2023
According to a recent price prediction from CoinCodex, Ripple’s native token could hit $.50 in the next two weeks. The on-chain metrics firm estimated that XRP might touch $0.50 during the second week of April.
The prediction estimated that XRP could reach a maximum high of $0.509, according to the projection.
However, the forecast suggests that XRP could retrace in price after touching $0.50 and not remain there for long.
At press time, XRP was trading at $0.46 and is up 1.8% in the 24-hour day trade. Ripple’s native token is down 86.17% from its all-time high of $3.40, which it reached in January 2018.
🇰🇷 In a surprising turn of events, #XRP is now the largest trading token on South Korea's major exchanges like Upbit and Bithumb, with trading volumes exceeding those of $BTC and $ETH! This anomaly might be due to a growing interest in the token or unique regional factors. Will… pic.twitter.com/D9NXJxKCEa
— Archart (@mindblowing_exp) March 27, 2023
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