XRP trading has recently seen a resurgence in the South Korean cryptocurrency market. Market analysts say that XRP trading volume on major South Korean cryptocurrency exchanges has risen to nearly four times that of Bitcoin. This contrasts sharply with the recent sharp decline in the South Korean stock market, highlighting the weakness in traditional markets.
Upbit's transaction volume was significantly higher.
The report, citing data from market analyst Xaif Crypto, states that South Korea remains one of the most active XRP markets globally. For example, on Upbit, the largest local exchange, XRP's recent trading volume was approximately $86 million, more than double that of Bitcoin, continuing to place it among the most active digital assets in the region.
Leading trading volume does not necessarily mean that there are several times more investors holding XRP than Bitcoin, but it reflects that the asset changes hands faster, has greater liquidity, and higher retail trading participation in the South Korean market.
Stock market decline and crypto activity go hand in hand
According to market research firm The Kobeissi Letter, the South Korean stock market plummeted 44% in 40 days, wiping out nearly $2 trillion in market capitalization. In response to the rapid decline, the South Korean Ministry of Finance has introduced measures to stabilize the market and boost confidence.
The article mentions that the stock market downturn may have prompted some funds to shift to digital assets, but this is not enough to fully explain XRP's strong performance in South Korea. Unlike many Western markets dominated by Bitcoin, South Korean retail investors have a long-standing preference for XRP, and the related trading activity is not a short-term phenomenon.
Local preferences combined with Ripple ecosystem progress
XRP's continued popularity in South Korea is also related to the ongoing development of the Ripple ecosystem. The report mentions that the progress of XRP Ledger, the expansion of RLUSD, tokenization initiatives, and the advancement of Ripple's cross-border payment business have all kept XRP in the market spotlight.
South Korean retail traders have historically preferred to shift to assets they perceive as more resilient during periods of high volatility, with XRP consistently ranking among their top choices. The article also notes that with increased institutional adoption in Japan and rising demand for US ETFs, South Korea, Japan, and the US are collectively influencing global XRP liquidity and trading activity.
