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Every digital currency has areas in which it is the most popular, and while most investors in the United States are largely positively tilted to Bitcoin (BTC), traders in South Korea are more positively tilted toward XRP. According to insights shared by WhaleWire, the XRP-KRW trading pair has by far the largest trading volume on the big four Korean exchanges.
Besides XRP, other popular digital currencies are featured on the top altcoin list in South Korea. These include Nano (XNO), which ranked in second place, per the data shared, while meme coin Dogecoin (DOGE) and Ethereum Classic (ETC) are in the top four.
JUST IN: $XRP is now the #1 most popular altcoin in South Korea, with trading volumes surging well beyond other cryptocurrencies.#XRP #Crypto #Bitcoin #ETH #Doge pic.twitter.com/GfuatoKaxB
— WhaleWire (@WhaleWire) April 18, 2023
South Korea is home to some of the biggest brands in the world, including but not limited to Samsung and other mega tech giants. With the advent of the crypto revolution, the South Korean markets' regulatory bodies started exploring thoughtful innovations that have largely helped these nascent assets thrive in the region.
The embrace of XRP is not surprising, and it can be said to serve as a show of confidence in Ripple Labs Inc while the blockchain payments app is still in a legal brawl with the U.S. SEC on the status of XRP as an investment security.
Yuri MolchanXRP and merit for growth
XRP as a digital currency might have been under the biggest strain over the past two years, but it has one of the strongest fundamentals and growth trends in the industry as its utility is well defined.
The cryptocurrency is a payment currency that generally offers a fast and highly efficient transaction in a peer to peer manner. Having hit a major roadblock in the U.S. through the lawsuit, Ripple has taken its business offshore, especially with rising integration in Asia.
The recognition of XRP as a popular trading token in South Korea hinges on the notion that the asset has a growing number of systems where it can be deployed, giving it all the leverage it seeks to sustain its growth.
The coin is up 0.86% to $0.5179 at the time of writing.
Dan Burgin
Alex Dovbnya