The recent trends in XRP transactions indicate that the asset is becoming the most popular altcoin in South Korea.
Data from the crypto market intelligence provider, Kaiko, revealed that Ripple’s native token is recently taking the lead among other assets in the country. The token has drawn the attention of most investors in the country, resulting in a surge in its trading volume.
XRP Trading Volume Surges In South Korea
Kaiko’s report is based on its analysis of the trading volumes of the top altcoins in the crypto markets since the beginning of the year. The data provider analyzed several crypto exchanges, including Korea’s four biggest exchanges and Coinbase. These four largest exchanges are Bithumb, UpBit, GOPAX, and Coinone.
Also, data from WhaleWire, a source for crypto insights, confirmed the surge in Ripple’s native token trading volumes within exchanges in South Korea. According to the firm, XRP’s trading volume reached almost $16 billion since the beginning of the year.
The token’s value is above Nano (XNO) and Dogecoin (DOGE), which took the second and third positions. Data from CoinMarketCap highlighted that the 24-hour trade volume for the token on only Upbit exceeded $500 million.
The attention on XRP is wider than just investors in South Korea. All across the globe, whales are focusing on the token. According to WhaleStats, the top 100 Binance Smart Chain whales hold more than 52.6 million XRP tokens. These tokens are worth almost $26.87 million in the current market prices.
The growing accumulation of XRP tokens is connected to the expectation of a favorable ruling in the SEC vs. Ripple lawsuit.
South Korea’s Interest Continues To Grow
XRP has witnessed an exciting price rally this year. Also, the growing interest from South Korean investors in the asset has supported the token’s rally. While the reason for the attention of South Koreans on XRP could be ambiguous, the asset’s price action may offer a simple explanation.
From the beginning of 2023, the price of XRP has been increasing progressively. The token moved from the $0.3 region to the $0.4 region on March 21. The token finally broke a new resistance to hit the $0.5 level on March 28. It has been hovering around the region till today, April 18.
The price action for Ripple’s native token over the past 90 days and 30 days indicated a surge of 33.46% and 35.67%, respectively. At the time of writing, XRP is trading at $ 0.5212, showing a rise of 2% over the past 24 hours.
Featured image from Pixabay and chart from Tradingview