XRP Surpasses Bitcoin as South Korea’s Crypto Trading Favorite

XRP is a top performer in South Korea’s crypto market, with its trading volume surpassing Bitcoin’s. This surge coincided with a spike in XRP’s price to $50.17 on a leading South Korean exchange, revealing the token’s growing value.

CryptoTradingFund’s (CTF) rewards have driven this surge in XRP’s trading volume. The program incentivizes users to make payments with XRP. With this program, users can redeem CTF tokens for products or get cash back. The rewards system works with major global merchants, including Amazon, so customers can earn crypto cashback.

XRP and South Korean Politics

However, XRP has been highly sensitive to political developments in South Korea. President Yoon declared martial law, triggering a market sell-off.

Read also : XRP’s South Korea Slump: Political Unrest Sparks Price Crash

XRP’s price on the Upbit exchange dropped by 54%, showing the crypto market volatility caused by geopolitical instability. While Bitcoin struggled, XRP rebounded quickly to pre-crisis levels.

South Korean Traders Fuel XRP’s Recent Rally

Also, crypto analyst DOM highlighted the important role that South Korean traders have played in XRP’s price surge. According to DOM, the sudden announcement of martial law sparked a quick market-wide sell-off.

But despite the initial crash, South Korea’s influence on XRP was clear as exchanges like Upbit reported XRP trading volumes matching those on Binance.

Read also : XRP Surpasses Ethereum as South Korea’s Most Popular Altcoin

DOM observed that XRP’s price fluctuated on December 3, 2024. Starting at around $2.55, the token rose to $2.85, then dipped before recovering to $2.66.

Source: X

This volatility was tied to the political unrest in South Korea. In terms of market volume, Binance recorded $5.1 billion in 24-hour trading for the XRP/USDT pair, while Upbit saw approximately $7.5 billion in XRP/KRW trades. This highlights the token’s global reach and the varying liquidity levels across different exchanges.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source