In addition to STEEM, STORJ, APT and XLM, which are trending in the South Korean region, an altcoin that is closely followed by Turkish investors attracts great attention. According to new reports, the most popular cryptocurrency in the region has now changed…
This altcoin takes the lead as South Korea’s most popular coin
Ripple (XRP) remains the favorite of the majority of crypto advocates worldwide, but recent trends suggest that South Korean investors are becoming more attracted to XRP. As a result, XRP has secured a comfortable position as the most popular altcoin in South Korea by trading volume this year.
Outlining XRP’s leadership, Kaiko’s report took into account volumes from different exchanges, including Korea’s four largest exchanges and Coinbase. The resulting table is as follows:
XRP continued to attract intense interest from South Korean investors throughout the year.
Data from the Kaiko report shows that XRP’s trading volume on the four largest exchanges in South Korea has reached an estimate of $16 billion dramatically since the start of the year. The figure represents more than three times the volume of Nano (XNO) and Dogecoin (DOGE), securing second and third positions respectively.
In fact, the trading volume of XRP on these exchanges is greater than the combined volume of the 3 coins in the second and fourth place. In terms of context, the four largest exchanges in South Korea are UpBit, Bithumb, Coinone, and GOPAX.
It should be noted that XRP surpassed Bitcoin in trading volume on these exchanges last month. The altcoin has seen over half a billion dollars in 24-hour volume on UpBit alone. This sharp increase in XRP trading volume comes just after the coin’s price rally that started on March 21. The rally pumped an enormous amount of demand for XRP. cryptocoin.com In the meantime, we mentioned that South Korean stock markets broke a record in transaction volume.
Also, in a previous report, Kaiko claimed that the XRP rally was driven largely by the demand witnessed among Korean investors. However, the market data provider revealed that this demand came mostly from individual investors in South Korea, not from institutions.
Altcoin whales follow the trend
Along with the growing interest among Korean investors, a large number of whales continued to accumulate XRP, especially in anticipation of a positive decision in the Ripple v SEC case. WhaleStats data shows that the top 100 whales on Binance Smart Chain own more than 52.6 million XRP tokens with an estimated value of $26.87 million.
Also, a chart from CoinMetrics revealed that the number of addresses holding at least 10,000 XRP tokens has more than doubled since the SEC litigation began, rising from a figure below 120K in December 2020 to over 260,000 now.
How about the XRP price?
On March 16, XRP started a rally from $0.356 to reach $0.585 on March 29, posting gains of 64%. Since then, the pullback was stopped at the $0.48-0.5 support area. XRP later started another move towards the $0.6 resistance. Currently, 1.5% is trading in the $0.52 region, where it is breaking out from its rivals upside.
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