Analyzing XRP's growth in South Korea highlights how the asset is solidifying its position within the local crypto ecosystem. Key factors behind this growth include whale accumulation, local demand, and a rising number of wallets.
Whale Accumulation & Reserve Shuffling
Reports of XRP transfers indicate that the asset is becoming appealing to large investors. For example, Whale Alert reported a transfer of 30 million XRP (approximately $95.5 million) from Upbit to an unknown wallet, which might suggest long-term investment strategies or reserve management.
‘Kimchi Premium’ and Local Demand
Cryptocurrencies in South Korea often trade at a premium due to capital controls and local supply shortages. This price, known as the ‘Kimchi Premium’, makes XRP attractive to local traders. XRP trading pairs with the Korean won make up nearly 18% of Upbit's total trading volume.
Surging Wallet Numbers and XRP Adoption
XRP is witnessing a sharp surge in adoption, with the total number of wallets surpassing 7.1 million. This reflects increasing investor confidence and the asset's real-world utility. Fast and low-cost transactions position XRP as ideal for international transfers, particularly as financial institutions actively integrate it into their systems.
The $95 million trading volume is not merely a large trade but a symbol of XRP's deepening integration into South Korea’s financial and crypto infrastructure. The rise in wallet numbers further confirms that XRP continues to gain popularity among investors.
