On Upbit, the biggest exchange in South Korea, the XRP coin has retained its position as one of the most traded cryptocurrencies. According to U.Today, the token’s trading volume on Upbit alone topped $600 million in late March. As on the most recent CoinMarketCap statistics, XRP is the third-largest cryptocurrency on the exchange, controlling 8.57% of Upbit’s $1.7 billion in trading volume.
The only two cryptocurrencies having a bigger percentage of trading volume on Upbit are Bitcoin (BTC) and Arbitrum (ARB), with amounts of $276.5 million and $201 million, respectively. On Bithumb, a big Korean platform as well, XRP trading represents $55.4 million, or 18.9% of the entire volume. On Bithumb, only Bitcoin has a greater stake (28%).
Korea, Ripple and XRP
The support that XRP has received from Korean financial institutions is one factor contributing to its growing popularity in Korea. XRP has been widely marketed for usage in cross-border payments in Asia by Ripple, a firm that uses it in its goods and services with a focus on Korea. The Bank of Korea launched a pilot programme in November 2020 to test a central bank digital currency (CBDC) based on Ripple’s blockchain technology.
Market players are also waiting for a decision about XRP’s place in the ongoing legal dispute between Ripple and the SEC. The market performance of XRP has been significantly impacted by this, and many believe that a decision will be made no later than the first half of 2023.
