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.
Gamza KhanzadaevBitcoin (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.
Tomiwabold OlajideFurthermore, 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Dan Burgin
Vladislav Sopov