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XRP Sustains Demand on Korean Crypto Exchanges: Details

Sat, 08/26/2023 - 14:49
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Tomiwabold Olajide
XRP was up 1.40% in last 24 hours to $0.521
XRP Sustains Demand on Korean Crypto Exchanges: Details
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Interest in XRP, the fifth-largest cryptocurrency by market capitalization, seems to be sustaining on Korean crypto exchanges.

According to CoinMarketCap data, XRP took the top spot as the most traded asset on Bithumb, one of South Korea's largest crypto exchanges that boasts $205 million in daily trading volume.

The same can also be seen on UPbit Korea, South Korea's largest cryptocurrency exchange in terms of trading volume, where XRP ranks as the most traded asset in the last 24 hours.

The same trend was seen on Korbit, a South Korean exchange, with XRP coming in as the most traded asset with the highest trade volumes in the last 24 hours.

XRP Nearly Oversold per This Indicator

Meanwhile, XRP is not showing any massive price rise, which would have been a trigger for its emergence as the most traded asset on these platforms. At the time of writing, XRP was up 1.40% in the last 24 hours to $0.521, mirroring the slight rebound seen across the cryptocurrency markets.

It thus goes on to say that XRP trading has become the norm for South Korean traders. South Korea has an extensive track record of trading cryptocurrencies other than the top two by market capitalization, BTC and ETH. According to Kaiko, these digital assets often account for over 70% of the total South Korean trading volume, with XRP being the most popular altcoin in this region.

XRP Becomes Favorite Bet in South Korea, BTC, ETH Next

As reported, a recent survey in South Korea revealed the altcoin's popularity among Gen Z investors. Data showed that investors in the 20-year-old age group in South Korea only accounted for 17.5% of their total investment in Bitcoin and Ethereum, and their favorite altcoin was XRP, accounting for 20.7%.

In similar exchange news, the Gemini crypto exchange announced in a recent tweet that its users can now earn XRP rewards via the Gemini Credit Card.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.