The subtle rivalry between XRP and Ethereum (ETH) is now beyond just the market capitalization and ranking of both coins. A new report shows South Korean traders’ shifting perception about both coins. Per a survey by local media platform News1, these crypto-savvy traders chose XRP over Ethereum.
Korean affinity for XRP
The News1 survey spanned from Dec. 24 to Dec. 26, featuring 5,220 investors with a probe into their top crypto choices. Based on the ranking of the top assets by these respondents, Bitcoin retained the top spot as the most preferred asset in the country.
Following Bitcoin is XRP before Ethereum, a unique twist that shows the popularity of the former in the region. Over the past few months, the retail market in South Korea has played a pivotal role in fueling the demand for XRP.
As reported by U.Today, the country’s biggest crypto trading platform, Upbit, is always known to see intense outflows of XRP amid defined buying pressure. With evidence of bigger play over the past month, the impact on the coin’s price remains evident.
Per the News1 report, XRP has remained a favorite coin in South Korea since the ICO era in 2017. The country is now considered one of its most important markets overall.
Catching up with Ethereum in ETF play
While the XRP retail market remains primed to boost the coin’s acquisition, Ethereum is still the favorite in institutional adoption. However, this tide is poised to change with the potential launch of an XRP ETF product this year.
Firms like Bitwise and WisdomTree are pushing for the product on optimism that the new leadership of the U.S. SEC is pro-crypto. If granted, the XRP ETF will form a new avenue for investors to gain regulated exposure to the coin.
With the RLUSD stablecoin poised to complement XRP in Ripple Labs’ payment ecosystem, the odds of outperforming key rivals like Ethereum remain high.
