Last updated on May 18th, 2024 at 12:29 pm
XRP popular altcoin South Korea – Ripple XRP remains one of the top cryptocurrencies in the market. It ranks at #6 on CoinMarketCaps’s live chart. The token has continued to gather attention across the crypto world.
In recent updates, South Korean investors are seen to have been more attracted to the crypto asset than any other in the market. The outcome has cemented XRP as the most sought-after asset in South Korea. This outcome was determined by the trade volume of the asset in that region this year.
Kaiko, a digital asset data provider, recently conducted a survey on the top cryptocurrencies in the market so far in 2023 based on trade volume. The report considered trade volumes across several exchanges. This includes three of the biggest crypto exchanges in South Korea by trade volume – Upbit, Bithumb, and Coinone.
Data shows that XRP’s trade volume on the top 4 crypto exchanges in South Korea combines to about $16 billion. Nano (XNO) and Dogecoin (DOGE) take second and third place respectively. XRP’s trade volume triples the volume of Nano and Dogecoin combined.
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Remember that in March 2023, XRP’s trade volume became greater than Bitcoin in the aforementioned exchanges. The digital asset grew more than $500 million in trade volume over 24 hours in Upbit alone.
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Ripples’ price surge began on March 21, which led to an exponential rally in its trade volume. The rally gave a significant amount of buying demand to XRP. Besides, Kaiko initially reported that the XRP rally was mostly because of the massive demand from South Korean investors. What’s more, Kaiko also pointed out that the majority of the demand came from private investors rather than institutional investors.
Whales Accumulate XRP
Apart from the XRP’s growing interest among investors, whales across the market have continued to accumulate XRP. The reason is because of the anticipation of the ruling between Ripple vs SEC.
According to data from WhaleStats, the top 100 Binance Smart Chain whales hold over 52.6 million XRP with an estimated value of $26.87 million. Additionally, CoinMetrics data reveals that since the SEC lawsuit began, wallets holding above 10,000 XRP tokens have doubled. It increased from below 120K in December 2020 to over 260k at the time of writing.
XRP Price Today
Live data from CoinMarketCap shows that XRP is currently selling at $0.514126. It is ranked #6 on CoinMarketCap with a live market cap of $26,606,425,676 USD.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.