XRP is now the most traded coin in South Korea in 2023, according to reports from the South Korean analytical provider firm, Kaiko. The coin’s performance can be attributed to the expected positive outcome in the ongoing SEC vs. Ripple case.
Kaiko released a report showing XRP as the most traded cryptocurrency in South Korea, surpassing other significant coins on crypto exchanges on UpBit, Coinbase, Bithumb, Coinone, and GOPAX.
Data from another analyst, WhaleWire, have backed up the Kaiko report indicating that more than $16 billion worth of XRP tokens has exchanged hands on different trading platforms in South Korea since Jan 1, 2023.
CoinMarketCap shows that XRP’s trading volume in 24 hours exceeded $500 million on the UpBit exchange alone.
Nano (XNO) and Dogecoin (DOGE) follow XRP in trading volume, with a difference of more than $10 million.
XRP’s rising popularity
The XRP surge has been witnessed not only in South Korea but globally. Data from Whalestas shows that $26.87 worth of XRP at the current market price, i.e., 52.6 million XRP tokens, are in the custody of the 100 largest Binance Smart Chain Whales.
It is stipulated that XRP’s popularity is fueled by the prospect of Ripple winning the lawsuit against the SEC.
The prospects have also been reflected in the token prices, which have increased by more than 45% since the beginning of 2023. The XRP token price has risen from a low of $0.31 to a new high of $0.58, and the average price is above $0.40.
However, over the past seven days, when all coins were in the red, XRP sunk 1.4%.
XRP currently has a market cap of $25,656,435,440. The prices have gone down by 1.1% in the last 24 hours.
However, the XRP value has increased by 22.867% in the last 30 days, with a minimum average price of $0.37 and a maximum average price of $0.38.
The price fluctuations in the last 90 days are 30.41%, with a minimum average of $0.33 and a maximum average price of $0.35. The coin indicates strong fundamentals globally but is struggling to keep up its record.