XRP has surged 370% in the past month.
The price of XRP tokens has been rising continuously in recent weeks, and today its market capitalization surged to $140 billion, surpassing USDT to become the third largest cryptocurrency in the market. This surge in XRP seems to be closely related to the contributions of Korean investors.
According to data from CoinMarketCap, in the past 24 hours, the trading volume of XRP on spot markets shows that the Korean exchange Upbit ranks second with a share of 12.76%, only behind Binance.
On the other hand, within Upbit, the trading volume of the XRP/KRW trading pair accounts for as much as 25%, which is about 10 times that of the Bitcoin/KRW trading pair.
Why do Koreans love XRP?
In response to the Korean investors' crazy speculation on XRP, Ryan Kim, a partner at the Korean crypto venture capital firm Hashed, posted on social media that this is largely thanks to Ripple Labs' marketing strategy in 2014:
'Ripple Labs sold XRP to Korean Ajummas in 2014 in a Ponzi scheme, called the 'Ripple Market Korea'. Many people invested in XRP back then, probably making a lot of money (laughs). There is indeed a real XRP community in Korea, which explains why Koreans are still buying a lot of XRP now.'
Ripple Labs sold XRP to Korean Ajummas with a Ponzi scheme in 2014. It was called 'Ripple Market Korea'. There were so many people invested in XRP back then. Probably they made so much money lol There is a genuine XRP community in Korea and that's why Koreans are buying XRP a lot.…
— Ryan Kim (@0xryankim) December 2, 2024
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