XRP Dominating South Korean Crypto Market Amid Turmoil

The trading volume for the XRP/KRW pair on South Korea’s Upbit exchange surpassed $7 billion earlier today, according to data provided by CoinMarketCap. 

In fact, the trading pair accounted for nearly a third of the exchange’s trading volume. 

HBAR/KRW and BTC/KRW come in second and third places with 5.92% and 5.70%, respectively. 

According to analytics firm Lookonchain, the South Korean cryptocurrency market has experienced significant turmoil. 

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Some South Korean won trading pairs started plummeting on Upbit, with XRP falling to $1.89 and Bitcoin slipping below the $80,000 level despite trading above $95,000 on major exchanges.   

Many whales transferred large amounts of USDT tokens to the leading trading platform, anticipating “bottom-fishing” opportunities. 

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More than 163 million USDT flowed into Upbit, the leading exchange on the South Korean market. 

As reported by U.Today, XRP’s astonishing rally was seemingly driven by strong buying interest from South Korea. 

Earlier today, the XRP trading volume on the Upbit exchange managed to surpass the total trading volume of KOSPI, South Korea’s primary stock market index. 

Earlier today, the Ripple-affiliated cryptocurrency surged to a multi-year peak of $2.82 before giving up some gains. The token was just 20% away from finally recording a new all-time high after seven years.    

The O.G. cryptocurrency is currently trading at $2.52, according to CoinGecko data.  

Overall, XRP is the third most-traded cryptocurrency (behind only Tether and Bitcoin). It has managed to surpass Ethereum, the USDC stablecoin, and Dogecoin.