South Korea prefers Ripple’s XRP to Bitcoin
According to All Things XRP, on significant domestic exchanges, the token's trading volume routinely outpaces that of Bitcoin
Quick overview
- South Korea has the highest demand for XRP, with its trading volume often exceeding that of Bitcoin.
- XRP's daily trading volume on Upbit reached over $6 billion, making up more than one-third of all trades on the platform.
- Approximately 3.5 million South Koreans own XRP, reflecting a strong local trust in the asset.
- XRP is seen as a reliable option for international money transfers, especially as traditional banking systems struggle.
Live XRP/USD Chart
South Korea has the world’s largest appetite for XRP. According to All Things on significant domestic exchanges, the token’s trading volume routinely outpaces Bitcoin.
XRP surpassed $6 billion in daily volume on Upbit, the top trading platform in South Korea, and accounts for over one-third of all trades on the platform. This is more than just short-term conjecture. Over 3.5 million South Koreans, or almost 7% of the country’s population, own XRP. Recent reports supporting his claims indicate that XRP has surpassed Bitcoin as the most traded cryptocurrency on Upbit.
All Things reported that the digital asset’s trading volume was three times that of Bitcoin amid high geopolitical uncertainty
The volume of XRP has consistently surpassed that of other leading assets in the nation, indicating a distinct level of local trust in the asset’s dependability and usefulness.
South Korea’s strong support for XRP reflects the need for efficient, reasonably priced international money transfers that traditional banks haven’t met. Investors look to XRP as a refuge and a go-to asset to handle a shattered international transaction as traditional banks falter.
The asset class is only 3% away from its next major resistance level, $2.2, according to price action, which is currently around $2.15. The altcoin may see additional price growth if buying pressure increases, and it can turn this price point into a support floor. Under these circumstances, XRP might increase to $2.29.
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