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Cryptocurrency News Articles

XRP Army Tallies Its Winnings as South Korea Leads a Resurgence of the 'Kimchi Premium'

Dec 03, 2024 at 09:25 pm

With over $6 billion in XRP traded, Ripple's blockchain asset was responsible for over one-third of the crypto exchange's $18 billion total on Monday.

XRP Army Tallies Its Winnings as South Korea Leads a Resurgence of the 'Kimchi Premium'

South Korean crypto exchange Upbit has reported that XRP traders on its platform are outperforming traders of any other crypto asset this week, with XRP trading even more than bitcoin (BTC) and ether (ETH).

On Monday, XRP traders on Upbit were responsible for over one-third of the crypto exchange’s $18 billion total — with over $6 billion in XRP being traded on the exchange.

This news comes as XRP has seen a massive rally in recent weeks, with the crypto asset quadrupling in price over the past four weeks. XRP's price rally has seen it climb up the crypto asset rankings to become the third-largest crypto asset by market capitalization.

This rally has been driven by several factors, including the launch of a stablecoin and real-world asset (RWA) platform by XRP leaders and a partial victory by Ripple in its lawsuit by the U.S. Securities and Exchange Commission (SEC).

However, despite XRP's gains, some South Korean traders are locking in their profits due to skepticism over XRP's long-term staying power and the memory of quick riches and even quicker losses from Terra LUNA.

News source:protos.com

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