Cryptocurrency XRP experienced a sudden increase, reaching $3.00 within hours, driven by significant demand from South Korean traders.
Rapid Increase of XRP on Upbit
XRP rose from $2.60 to $3.00 due to massive purchases on the Upbit platform, where 32 million XRP was traded, accounting for 70% of total spot market purchases.
Analysis of South Korea's Role in Price Growth
According to analyst Dom on the social network X, the price increase was driven by significant demand on Upbit, dominating among South Korean traders. No similar volumes were seen on other platforms like Coinbase or Kraken.
Factors Encouraging Interest in XRP
The South Korean market shows strong interest in XRP, as approximately 15% of the population is registered on local exchanges. This is also tied to developments in the XRP ecosystem and rumors of a potential ETF approval, making the cryptocurrency attractive to local investors.
The rapid growth of XRP on Upbit highlights the significant influence of the South Korean market on global cryptocurrency trends. Interest in XRP continues to rise amid technological advancements and regulatory updates.
