Throughout the year, South Korean investors have shown a strong interest in the asset.
XRP remains a favorite of the majority of crypto enthusiasts worldwide, but recent trends indicate that South Korean investors are more interested in the currency. As a result, XRP has established itself as the most popular asset in South Korea based on transaction volume this year.
According to statistics from Kaiko, a cryptocurrency market information firm. Kaiko recently conducted a study of the leading altcoins in the cryptocurrency marketplaces based on trade volumes from the beginning of 2023. The analysis considered volumes across many exchanges, including Korea's four main exchanges and Coinbase.
According to research conducted by Kaiko, the trade volume of XRP on the four major exchanges in South Korea has seen a significant increase, estimated to be around $16 billion since the beginning of this year. This figure is more than three times the combined trade volume of Nano (XNO) and Dogecoin (DOGE), which rank second and third respectively.
Remarkably, the trade volume of XRP on these exchanges exceeds the total volume of the next three assets in the rankings. The four largest exchanges in South Korea, namely UpBit, Bithumb, Coinone, and GOPAX, are the ones experiencing this surge in trade volume.
In the previous month, XRP outperformed Bitcoin in terms of trade volume on these exchanges. UpBit, one of the largest exchanges, had a 24-hour trade volume of almost $500 million for XRP alone. This remarkable increase in XRP trade volume followed a surge in its price, which started on March 21. This price rally generated a substantial demand for XRP.
Additionally, according to an earlier analysis by Kaiko, the surge in XRP trade volume was mainly fueled by Korean investors' demand. However, the market data provider revealed that this demand predominantly originated from retail investors in South Korea, rather than institutional investors.
Whale Accumulation Gains Steam
In addition to the increased interest among Korean investors, whales from various regions have continued to accumulate XRP, especially in anticipation of a positive outcome in the Ripple vs. SEC legal case. According to WhaleStats, the top 100 whales on the Binance Smart Chain currently possess approximately 52.6 million XRP tokens worth an estimated $26.87 million.
Moreover, a CoinMetrics map has revealed that the number of addresses that hold at least 10,000 XRP tokens has more than doubled since the SEC case began. It has risen from less than 120,000 in December 2020 to over 260,000 currently. As of the time of writing, XRP was trading at $0.5168, indicating a 0.22% increase in the past 24 hours.
chart from coin metrics
Source: thecryptobasic.com
Photo by Daniel Bernard on Unsplash
#Xrp #crypto2023 #BTC #Altcoin #dyor
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Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.