Crypto market intelligence provider Kaiko has studied the market structure of South Korean cryptocurrency exchanges. Excluding the dominant cryptocurrency Bitcoin, Kaiko shared the results of the 10 most popular altcoin projects in South Korea.
Unprecedented trading volume growth from XRP
Ripple’s XRP has taken the country’s crypto market by storm, leaving popular assets like Dogecoin (DOGE) in the dust. According to data from crypto market intelligence provider Kaiko, the trading volume of XRP has soared to a staggering $16 billion since the start of the year.
Kaiko’s analysis of top altcoins based on trading volumes since early 2023 took into account multiple exchanges, including South Korea’s four largest exchanges, UpBit, Bithumb, Coinone, and GOPAX and Coinbase. The trading volume of XRP on these South Korean exchanges skyrocketed, surpassing Nano and Dogecoin by more than three times the volume.
The trading volume of XRP on the top four South Korean exchanges is more than the combined volume of the three assets ranked second to fourth. Despite ongoing legal battles with the US Securities and Exchange Commission (SEC), XRP has experienced an impressive price increase over the past 90 days and outperformed Bitcoin. The price of the asset has risen 37% over that time, currently trading at an average of $0.51.
The most popular altcoins in South Korea
Introducing itself as a ‘digital currency for the modern world’, Nano (XNO) must have managed to attract the attention of South Koreans as it occupies the second place after XRP. Third on the crypto market intelligence provider’s list is the popular meme coin Dogecoin (DOGE). Ethereum Classic (ETC), an Ethereum fork, is in fourth place. Solar (SXP), which has seen a boom in trading volumes recently, ranks 5th after ETC.
Meanwhile, Threshold Network’s governance token T coin is also performing well in terms of trading volume. The list continues in the form of the popular metaverse coin Axie Infinity (AXS), the Sam coin known as Serum (SRM), and one of the most talked about blockchains of recent times, Aptos (APT).
Legal decision awaited for Ripple
cryptocoin.comAs you follow, Ripple Labs and its executives continue to fight the SEC to prove that XRP is not a security. Amid the legal battle, Stuart Alderoty, Ripple’s Chief Legal Officer, clarified concerns about XRP’s exclusion from the Liquidity Center (LH). Alderoty announced that LH is a non-retail institutional product and has low liquidity in the United States due to regulatory uncertainty.
While Ripple awaits the conclusion of its legal case with the SEC, an important decision from Judge Analisa Torres could come in a matter of days or weeks. XRP supporter and attorney John E. Deaton suggested that this decision could come by May 6. If true, investors may have limited time to buy XRP at discounted prices, and the recent drop offers a good opportunity to potentially buy it at a relatively low price.
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