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XRP Becomes Largest Trading Token on Korea's Major Exchanges, What Is This Anomaly?

Sun, 03/26/2023 - 11:12
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Gamza Khanzadaev
XRP takes over major Korean crypto exchanges with abnormal trading volumes
XRP Becomes Largest Trading Token on Korea's Major Exchanges, What Is This Anomaly?
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According to CoinMarketCap, XRP has taken the top spot in terms of trading volume on South Korea's two major exchanges, Upbit and Bithumb. In the last 24 hours, XRP's combined trading volume on the two platforms totaled nearly $348 million. The figure was achieved in pairs against the South Korean won. As a result, the volume of XRP traded on Upbit exceeded that on Binance, the largest cryptocurrency exchange, by nearly 100 million tokens.

The anomaly was also noticed by members of the XRP community, when following it the price of the cryptocurrency itself rose 9% at one point yesterday amid a reddened crypto market.

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XRP and South Korea

Obviously, both the rise in the XRP price and trading volume were the result of increased interest from Korean investors. However, the exact reasons for this behavior can only be guessed.

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.

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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.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.