XRP Surpasses Bitcoin as South Koreas Crypto Trading Favorite

XRP is a top performer in South Korea‘s crypto market, with its trading volume surpassing Bitcoin’s. This surge coincided with a spike in XRP‘s price to $50.17 on a leading South Korean exchange, revealing the token’s growing value.

CryptoTradingFund‘s (CTF) rewards have driven this surge in XRP’s trading volume. The program incentivizes users to make payments with XRP. With this program, users can redeem CTF tokens for products or get cash back. The rewards system works with major global merchants, including Amazon, so customers can earn crypto cashback.

XRP and South Korean Politics

However, XRP has been highly sensitive to political developments in South Korea. President Yoon declared martial law, triggering a market sell-off.

XRPs price on the Upbit exchange dropped by 54%, showing the crypto market volatility caused by geopolitical instability. While Bitcoin struggled, XRP rebounded quickly to pre-crisis levels.

South Korean Traders Fuel XRPs Recent Rally

Also, crypto analyst DOM highlighted the important role that South Korean traders have played in XRPs price surge. According to DOM, the sudden announcement of martial law sparked a quick market-wide sell-off.

But despite the initial crash, South Koreas influence on XRP was clear as exchanges like Upbit reported XRP trading volumes matching those on Binance.

DOM observed that XRPs price fluctuated on December 3, 2024. Starting at around $2.55, the token rose to $2.85, then dipped before recovering to $2.66.

Source: X

This volatility was tied to the political unrest in South Korea. In terms of market volume, Binance recorded $5.1 billion in 24-hour trading for the XRP/USDT pair, while Upbit saw approximately $7.5 billion in XRP/KRW trades. This highlights the tokens global reach and the varying liquidity levels across different exchanges.

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