XRP has become the most traded cryptocurrency on major South Korean exchanges such as Upbit and Bithumb, surpassing Bitcoin and Ethereum in trading volume.
XRP Trading Volume
According to CoinMarketCap, XRP achieved $1.2 billion in retail trading volume on Upbit alone, accounting for 27.6% of the platform's 24-hour trading volume. Bithumb reported a similar trend with XRP occupying 32% of its total volume.
XRP Price Momentum
As of the time of writing, XRP is trading at $2.57, a 2.76% increase from the previous 24 hours. Over the past week, it has risen by 20.31%, bringing its total market capitalization to over $150 billion. Some analysts predict a significant price increase for XRP, with targets reaching as high as $30 in the long term.
Factors Driving Growth
One of the factors contributing to the increase in XRP's trading volume is the 'Kimchi Premium', where cryptocurrencies are sold at higher prices in South Korea compared to international markets. This creates arbitrage opportunities and drives trading activity. Additionally, South Korea's culture of active trading and quick responses to price changes plays a significant role in boosting XRP's popularity.
XRP's dominance on South Korean exchanges may influence global trading trends and its price, as local traders show significant buying interest.
