South Korea has shown its affinity for cryptocurrencies, with a more diverse trading pattern than one would normally expect. The latest data from Kaiko reveals that the most-traded cryptocurrency in South Korea outside of Bitcoin and Ethereum is XRP. This may come as a surprise for some, but XRP has proven to be quite popular in the Asian country, capturing 12% of the non-BTC and ETH trading volume.
Between January and May 2023, South Korea witnessed XRP trading reaching $24.5 billion, which was 66% of Bitcoin’s volume and nearly three times that of Ethereum. The trading volume of XRP saw a significant surge in late March and early April, coinciding with the increased anticipation for the resolution of Ripple’s ongoing legal battle with the SEC.
In addition to XRP, Dogecoin and Solar also garnered significant trading volumes among South Korean traders, each capturing nearly 4% and 3.4%, respectively. Ethereum Classic and The Sandbox followed closely, each with around 3% trading volume. This diverse trading pattern indicates that South Korean traders aren’t merely focused on the top cryptocurrencies, but instead seem to prioritize lucrative opportunities within diverse digital assets.
The ongoing legal case between Ripple and the SEC still shows no clear indication of when it might conclude. Ripple Labs CEO Brad Garlinghouse had anticipated a resolution within the first half of the year, which fueled the surge in XRP trading volume around the same time. However, the outcome and its effect on the XRP trading landscape in South Korea remain to be seen.
Interestingly, XRP has traded at an average premium of 1.8% in Korean markets over the past year, while Bitcoin observed only a 1.4% premium across the same period. The prevalence of digital currencies in South Korea has played a crucial role in shaping the country’s regulatory measures and responses.
Considering the diverse trading volume observed within the top cryptocurrencies, it’s clear that South Korea has established itself as a major player in the global crypto market scenario. Whether or not the ongoing Ripple-SEC case will have any significant impact on the XRP trading volume in the country still remains in question. However, South Korea’s enthusiasm for digital assets sends a clear message of embracing the future of finance and technology.