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XRP Holds Strong as Top 3 Cryptocurrency on Major Korean Exchange

Thu, 04/27/2023 - 14:25
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Gamza Khanzadaev
Upbit continues to see high levels of trading activity for XRP, making it one of most actively traded cryptocurrencies on platform
XRP Holds Strong as Top 3 Cryptocurrency on Major Korean Exchange
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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.

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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.

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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.

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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.