South Korea prefers Ripple’s XRP to Bitcoin

According to All Things on significant domestic exchanges, the token’s trading volume routinely outpaces Bitcoin.

South Korea is known for its strong preference for Ripple’s XRP over Bitcoin, a claim that has been met with skepticism despite recent reports supporting his statements. According to All Things XRP, on significant domestic exchanges, the token’s trading volume routinely outpaces Bitcoin.

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The token surpassed $6 billion in daily volume on Upbit, the top trading platform in South Korea, and accounts for over one-third of all trades on the platform. This is more than just short-term conjecture. Over 3.5 million South Koreans, or almost 7% of the country’s population, own XRP.

According to a recent report by the Korea Economic TV, the digital asset’s trading volume was three times that of Bitcoin amid high geopolitical uncertainty. The volume of XRP has consistently surpassed that of other leading assets in the nation, indicating a distinct level of local trust in the asset’s dependability and usefulness.

South Korea’s strong support for XRP reflects the need for efficient, reasonably priced international money transfers that traditional banks haven’t met. As traditional banks falter, investors turn to XRP as a refuge and a go-to asset to handle a shattered international transaction.

The asset class is only 3% away from its next major resistance level, $2.2, according to price action, which is currently around $2.15. The altcoin may see additional price growth if buying pressure increases, and it can turn this price point into a support floor.

Under these circumstances, XRP might increase to $2.29.