South Korean Crypto Mania Explodes with Ripple Trading Achieving Dominance
Hot Crypto Action in South Korea: XRP Steals the Show
Yeah, XRP is causing a storm in South Korea's cryptocurrency market, outpacing big guns like Bitcoin ($BTC) and Ethereum ($ETH) on leading exchanges such as Upbit and Bithumb.
Just check out these numbers: XRP made a whopping $1.2 billion in retail trading volume on Upbit alone, taking up to 27.6% of Upbit's 24-hour trading, accounting for a monstrous $3.7 billion! And Bithumb reports similar trends, with XRP stealing the show too.
That's a clear sign of frenzy among retail investors and local trading preferences shifting fast.
XRP's Hot Streak
At the time of writing this, XRP's trading at around $2.57, up by 2.76% in the last 24 hours. Over the week, it's surged by a massive 20.31%, boosting its total market capitalization to over $150 billion.
Now, some technical analysts are calling a long-term breakout for XRP. They reckon that this digital asset's on the cusp of a colossal bull run, with some even setting their sights on a bullish target of $30! Others agree with the bullish vibes.
Davinci Jeremy seems to think XRP could surge above $20, while Standard Chartered's Geoffrey Kendrick expects it to soar to $5.50 by 2025, $8.00 by 2026, and finally to a jaw-dropping $12.25 by 2029, a gigantic increase totaling more than 380%!
The 'Kimchi Premium': A South Korean Phenomenon
Part of XRP's surge in trading volume is thanks to the 'Kimchi Premium' - a long-standing market dynamic where cryptocurrencies get hiked up in price over average international prices in South Korea. This opens up juicy arbitrage opportunities and fuels trading volumes on local exchanges.
Apart from price differences, South Korea's crypto-savvy investor pool remains aggressive in their approach to digital assets. The local crowd tends to pounce on tech setups and price momentum quickly. With the recent price activity and global buzz around XRP, it’s become a prime target for quick profits and long-term speculation.
The 'Kimchi Premium' and South Korea's enthusiastic trading culture are responsible for spikes in the volume of specific assets in the past. XRP's hefty presence on Korean exchanges reflects previous examples where assets like Bitcoin Cash or EOS enjoyed regional boosts due to local demand.
South Korea's dynamic crypto scene could pull the XRP boat further up the global chart. With increased liquidity and price momentum in one of the busiest markets, other exchanges might start following suit. This increased attention could strengthen XRP's position in the global charts, potentially attracting more listings or institutional interest.
With an active market like South Korea throwing its weight behind XRP, this digital asset is now primed to start testing new heights or, at least, enjoying good liquidity levels. Time will tell if the good times keep rolling for XRP!
- The bull run for XRP seems to have caught the attention of investors in South Korea, as it outpaced other cryptocurrencies like Bitcoin and Ethereum in trading volume on leading exchanges.
- Currently, XRP is trading around $2.57, and due to a significant surge over the last week, it has boosted its total market capitalization to over $150 billion.
- Some technical analysts are calling a long-term breakout for XRP, with predictions of a potential bull run taking its price to as high as $30.
- The 'Kimchi Premium', a South Korean phenomenon that causes cryptocurrencies to be priced higher locally, is one factor contributing to XRP's surge in trading volume.
- With increased liquidity and price momentum in South Korea, the attention on XRP could potentially strengthen its position in the global charts, attracting more listings or institutional interest.
