In a surprising turn of events, XRP has taken over as the top-traded asset on two of South Korea’s major exchanges, Upbit and Bithumb. According to CoinMarketCap, the combined trading volume of XRP on these two platforms reached almost $348 million in the last 24 hours, surpassing the volume on Binance, the largest cryptocurrency exchange.
This anomaly has caused a buzz in the XRP community, with the cryptocurrency’s price rising 9% at one point amidst a bearish market. While the reasons behind this surge are not entirely clear, it appears that Korean retail investors saw an opportunity to profit from XRP after a recent correction from a 26% price increase earlier in the week.
However, it remains to be seen how long this trend will last. Similar behavior was observed in January with Aptos (APT), which eventually led to a price correction. It is possible that XRP’s outperformance could continue for some time, or a large-scale correction could occur at any moment.
Overall, the sudden surge in XRP’s trading volume on Korean exchanges highlights the influence of regional investors in the crypto market. As cryptocurrency continues to gain popularity and mainstream acceptance, it will be interesting to see how different regions respond and contribute to the market’s growth.