While Ethereum and altcoins have been trading sideways in recent days, some altcoins in South Korea have experienced a notable increase in trading volume.
Accordingly, amidst the uncertainty in the Korean stock market, $XRP trading on Upbit and Bithumb has increased.
According to the data, $XRP has topped the trading volume rankings on major South Korean exchanges, surpassing two giants like Bitcoin ($BTC) and Ethereum ($ETH). This is interpreted as an indicator of the risk appetite of local investors.
On the Upbit KRW market, $XRP’s 24-hour trading volume reached approximately $110.9 million, surpassing $BTC and $ETH. During the same period, Bitcoin’s trading volume was $88.6 million and Ethereum’s was $67 million.
On the Bithumb KRW market, $XRP’s trading volume reached $41 million in the last 24 hours, lagging behind only USDT. $XRP’s trading volume on Bithumb surpassed both Bitcoin and Ethereum’s.
According to market analysts, this trend follows a decline in the South Korean stock market, which occurred after a presidential policy adviser suggested that companies using artificial intelligence should return a portion of their profits to the public.
In this context, the increase in $XRP transactions among South Koreans is noteworthy, as they are focusing on one of the most familiar altcoins to them.
Analysts also note that historically, volatility tends to increase when $XRP trades near resistance levels as trading volume in South Korea increases.
*This is not investment advice.
