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).
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.
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.
Alex Dovbnya
Yuri Molchan