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XRP Takes Over 20% of Total Volume on Korea's Major Crypto Exchange

Mon, 03/27/2023 - 12:18
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Gamza Khanzadaev
XRP gains 10x higher volume than Ethereum (ETH) on Korea's Upbit
XRP Takes Over 20% of Total Volume on Korea's Major Crypto Exchange
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According to CoinMarketCap, XRP currently accounts for 20% of the trading volume on South Korea's largest exchange, Upbit. With total turnover on Upbit exceeding $1.1 billion, XRP takes a chunk of more than $221.3 million on the Korean exchange. That, by comparison, is twice as much as Bitcoin (BTC), which ranks second, and nearly 10 times as much as Ethereum (ETH).

XRP Becomes Largest Trading Token on Korea's Major Exchanges, What Is This Anomaly?

An anomaly in XRP trading on South Korean crypto platforms has been observed since late last week. This started a few days after XRP posted a rise of more than 25% in a few hours, on March 21. What is interesting is that cryptocurrency trades here mostly against the country's national currency, the South Korean won (KRW).

Although the crypto market as a whole succumbed to selling pressure at the end of the week, XRP was outperforming it. At that time, it was discovered that XRP trades accounted for more than 30% of the volume on Upbit and Bithumb, which was the equivalent of almost $350 million.

Ripple: Here's How XRP Might Benefit From South Korea's Incoming Regulatory Guidelines

However, the outperformance of the crypto market by XRP continues today. The token is currently trading at plus 5% against ETH and 4.2% against BTC. Amid all this, XRP continues to be the most profitable token of the past seven days, not only among the top 10 but also among the top hundred biggest by market capitalization.

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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.