XRP Shifts ETH And BTC In Trade Volume In South Korea

Bitcoin and XRP. (Photo; Doc. Cryptonizando)

JAKARTA - The crypto market in South Korea is enlivened by a surge in XRP trading activity. How not, within the last 24 hours, the trading volume of XRP on a number of major crypto exchanges in the country surpassed Bitcoin (BTC) and Ethereum (ETH). XRP trading recorded transaction value of more than $1 billion.

According to a Cryptodnes report, Wednesday January 2, XRP's trading volume jumped significantly on South Korea's largest crypto trading platform, Upbit. The trading volume of XRP reached US$716.79 million (Rp11.61 trillion), or around 13.67% of the total daily trading volume of US$5.23 billion (Rp84.53 trillion).

In comparison, Bitcoin only recorded a trading volume of 400.43 million US dollars (Rp 6.49 trillion), while Ethereum was even lower with a share of 2.51%. This shows traders' interest in XRP in Upbit is very high.

Similar trends are also seen in Bithumb, other major exchanges in the country. XRP recorded trading volume of US$241.4 million (Rp3.91 trillion), accounting for 17.73% of the total daily volume of US$1.3 billion (Rp21.06 trillion).

In contrast, Bitcoin only accounts for 7.68%, and Ethereum 2.31%. In Korbit, despite the more balanced competition, XRP remains ahead with a trading volume of 7.7 million US dollars (IDR 124.74 billion), slightly beating Bitcoin which recorded 6.76 million US dollars (IDR 109.51 billion).

The dramatic increase in XRP trading activity was triggered by a combination of market factors and external conditions. South Korean traders are known to often trigger volatile price movements, and lately they are showing a new focus on XRP.

In addition, the country's political tensions, including the issuance of arrest warrants for President Yoon Suk Yeol over a military emergency decision, have created a conducive environment for the crypto market.