Ripple is up nearly 60% this month.
The daily transaction value of Ripple (XRP), a U.S. virtual asset (coin) that has reached an all-time high in seven years, reached KRW 6 trillion in Korea, according to a report. This is equivalent to the KOSDAQ transaction price at the beginning of the year. Ripple's domestic transactions also accounted for 16% of the global market.
According to CoinMarketCap on the 19th, the previous 24-hour ripple transaction price of the five major Korean won virtual asset exchanges, including Upbit, Bithumb, Coinone, Cobbit, and Gopax, was $3.975.84 billion as of 2:30 p.m. on the 17th, which is worth 5.7888 trillion won in Korean currency. Considering that the KOSDAQ transaction was KRW 6.6893 trillion on the 16th, one coin is equivalent to the KOSDAQ market.
This is because domestic investors' preference for altcoins has emerged as ripple prices have risen significantly recently. Ripple is up nearly 60% this month.
Among domestic investors, Ripple is one of the most preferred coins. According to the Financial Services Commission, 10.7% of stocks held by local won exchanges, or KRW 5.88 trillion, were counted as Ripple as of the end of the first half of last year. This ranks third after Bitcoin and Ethereum.
Recently, the rice supply line of domestic exchanges is also a ripple. As of 2:30 p.m. on the 17th, Ripple accounted for 40.27% of the upbit transaction. Bithumb, Coinone, and Covit also accounted for 38.23%, 44.64%, and 48.17%, respectively, from Ripple. In other words, half of domestic coin investors have jumped into ripple investment.
Upbit, the largest exchange in Korea, ranked second in the global ripple transaction volume, accounting for 12.05% of the total. First place was Binance, which recorded 16.37 percent. Bithumb also accounted for 3.94% of the global ripple volume.
Ripple has recently risen significantly because U.S.-based coins are drawing attention as Donald Trump's inauguration as the U.S. president, scheduled for the 20th, approaches. U.S.-based coins are expected to benefit the most as Trump vowed to ease regulations on virtual assets.
In particular, Ripple is in a legal dispute with the U.S. Securities and Exchange Commission (SEC), and it is highly likely that Ripple will win with the launch of the Donald Trump administration.
