Summary:
• XRP is the leading altcoin in South Korea, according to a report from Kaiko.
• Over $16 billion worth of XRP tokens have been exchanged on different trading platforms in South Korea since Jan 1, 2023.
• XRP’s rising popularity is fueled by the prospect of Ripple winning the lawsuit against the SEC, with its token prices increasing by more than 45% since the beginning of 2023.
XRP Popularity Soars in South Korea
According to reports from South Korean analytical provider firm Kaiko, XRP is now the most traded coin in South Korea for 2023. This surge can be attributed to the expected positive outcome in the ongoing SEC vs. Ripple case. Data from WhaleWire has backed up this report as more than $16 billion worth of XRP tokens have been exchanged on various trading platforms in South Korea since January 1st, 2023.
XRP Trading Volume Surpasses Other Cryptocurrencies
CoinMarketCap data shows that XRP’s trading volume surpassed other cryptocurrencies with over $500 million being traded on UpBit alone. Nano (XNO) and Dogecoin (DOGE) follow behind XRP with a difference of more than $10 million.
Factors Behind Rising Popularity
The rising popularity behind XRP can be attributed to expectations for a positive outcome in the ongoing Securities Exchange Commission (SEC) vs Ripple case which has caused an increase in token price by over 45% since early 2021. The current market cap stands at 25,656,435,440 USD and prices have dropped by 1.1% within 24 hours at time of writing but have risen by 22.867% within 30 days with an average price above 0.40 USD per token.
Custody By Binance Smart Chain Whales
Whalestas also reported that there are now 52 million 687 thousand 865 XRPs held by 100 largest Binance Smart Chain whales, valued at 26 dollars 87 cents per token at current market price making it one of the top performers over recent months especially within Korean markets according to senior analyst Dessislava Ianev live on Coindesk TV explaining this recent bull rally for XRP tokens related to its rising popularity globally and especially within South Korea itself due to expectations for a successful outcome in SEC vs Ripple lawsuit case currently underway..
Conclusion
It is clear that despite some dips still being observed across markets recently when all coins were affected negatively, overall performance of XRP has been superior and its popularity surging not only within South Korea but globally too due to investors expecting positive results from SEC vs Ripple proceedings boosting value and trade volumes significantly above many other crypto currencies vying for attention currently