Upbit Sees XRP Surge: South Korea Crypto Market Snapshot

In the world of cryptocurrencies, XRP has emerged as the most traded asset on Upbit, South Korea’s leading crypto exchange. Data from CoinMarketCap shows that the XRP/KRW trading pair achieved an impressive $448.5 million in volume over the past 24 hours, highlighting XRP’s popularity among South Korean traders.

Trailing by a significant margin is the SHIB/KRW pair. Shiba Inu, the meme coin phenomenon, generated $178.5 million in trading volume, placing it second but far behind XRP.

Bitcoin, often considered the king of cryptocurrencies, surprisingly takes the third spot. The BTC/KRW pair recorded $171.4 million in trading volume. This indicates a unique trend in the South Korean market, where altcoins often outperform more established cryptocurrencies.

South Korea stands out as a major crypto hub, with local traders showing a strong preference for altcoins, leading to substantial volumes on domestic exchanges. Notably, the Korean won surpassed the U.S. dollar in global trading volumes back in April, solidifying South Korea’s influence in the crypto sphere.

Moreover, The cryptocurrency craze in South Korea has even entered the political arena. Earlier this year, candidates sought to win over crypto-enthusiastic voters, making digital currencies a key election issue.

XRP Price Movements

XRP’s recent performance has captivated the crypto community. The token’s price spiked amid speculation about a rumored settlement between Ripple and the U.S. Securities and Exchange Commission. However, when the meeting was canceled, XRP’s price saw a dramatic drop.

Meanwhile, Shiba Inu faced its own challenges. The WarizX hack resulted in an attacker stealing approximately $100 million worth of SHIB tokens, causing SHIB’s price to drop by 10%. Despite this, the price rebounded once the stolen tokens were sold.

In the dynamic world of cryptocurrencies, South Korea remains a focal point. With XRP leading on Upbit and the market’s ever-evolving landscape, traders and enthusiasts keep a close watch on trends emerging from this crypto-savvy nation.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.