Altcoins

In accordance with CoinMarketCap, XRP has taken the highest spot by way of buying and selling quantity on South Korea’s two main exchanges, Upbit and Bithumb. Within the final 24 hours, XRP’s mixed buying and selling quantity on the 2 platforms totaled practically $348 million. The determine was achieved in pairs in opposition to the South Korean gained. Consequently, the amount of XRP traded on Upbit exceeded that on Binance, the biggest cryptocurrency trade, by practically 100 million tokens.

The anomaly was additionally observed by members of the XRP group, when following it the worth of the cryptocurrency itself rose 9% at one level yesterday amid a reddened crypto market.

XRP and South Korea

Clearly, each the rise within the XRP worth and buying and selling quantity have been the results of elevated curiosity from Korean traders. Nevertheless, the precise causes for this conduct can solely be guessed.

In accordance with widespread perception, Koreans noticed a possibility to revenue on XRP after the worth corrected from Tuesday’s 26% rise. The keenness of Korean retail traders, which turned obvious after the Aptos (APT) story, was sufficient for XRP to outperform the remainder of the crypto market.

It’s troublesome to see how lengthy this anomaly will final. Once more, primarily based on APT worth motion in January, the Korean bids might be the start of the top of the mini-rally in XRP. On the one hand, a large-scale worth correction might happen at any second, however however, XRP might proceed its outperformance for a while to return.