The XRP token has maintained its position as one of the most traded cryptocurrencies on Upbit, South Korea's largest exchange. The token's trading volume reached $600 million on Upbit alone in late March, as was reported by U.Today. The latest data from CoinMarketCap shows that XRP still commands 8.57% of Upbit's $1.7 billion in trading volume, making it the third largest cryptocurrency on the exchange.
Bitcoin (BTC) and Arbitrum (ARB) are the only two cryptocurrencies that have a larger share of the trading volume on Upbit, with figures of $276.5 million and $201 million, respectively. Meanwhile, on Bithumb, another significant Korean platform, XRP trade accounts for 18.9% of the total volume, equivalent to $55.4 million. Only Bitcoin has a larger share on Bithumb, of 28%.
Korea, Ripple and XRP
The rising popularity of XRP in Korea is partly attributed to the support it has gained from Korean financial institutions. Ripple, a company that utilizes XRP in its products and services, has actively promoted the use of XRP in cross-border payments in Asia, with a particular emphasis on Korea. In November 2020, the Bank of Korea introduced a pilot program to trial a central bank digital currency (CBDC) using Ripple's blockchain technology.
Furthermore, market participants are anticipating a resolution of XRP's status in the ongoing legal battle between Ripple and the SEC. This has had a significant impact on XRP's market performance, and many expect a verdict to be reached no later than the first half of 2023.