XRP Is More Prominent Than Other Cryptocurrencies In South Korea: Here’s Why
XRP Rules South Korea’s Market
South Korea’s thriving cryptocurrency market has a surprising scenario, with XRP dominating other digital assets like Bitcoin (BTC). According to recent market data from Kaiko, South Korea’s crypto trading volume is concentrated around Ripple’s native asset, surpassing that of BTC and top altcoins like ETH, SOL, BCH, and DOGE.
Moreover, this trend highlights South Korea’s preference for XRP and reflects the popularity of this digital asset worldwide. With South Korea emerging as a key player in the global crypto market, XRP’s dominance mirrors the country’s crypto enthusiasts’ changing preferences and trading behaviors.
Furthermore, Upbit, a prominent South Korean crypto trading platform, reported increased trading volumes for the XRP-KRW pair compared to the BTC-KRW pair.
A Tale Of Two Countries
XRP’s popularity over Bitcoin in the Asian country contrasts with the trend in the United States. According to data from Coinbase, a popular exchange in the US, most users prefer the top two cryptocurrencies, BTC and ETH, over others.
Meanwhile, BTC has become more prominent over time, as there are more BTC-related products and services than other digital assets, particularly in the United States. Analysts are optimistic that the Securities and Exchange Commission (SEC) will ultimately endorse the first spot Bitcoin Exchange-Traded Fund (ETF) in the coming months.
According to them, the imminent approval depends on the issuer ensuring that the underlying token’s price cannot be manipulated by the exchanges providing price data. Meanwhile, the shift in the Asian country’s preference for XRP exhibits the complex nature of the cryptocurrency market.
While Bitcoin maintains its global dominance, regional differences in user preferences and market dynamics play an essential role in shaping the local crypto landscape.
Curtailing Crypto Market Irregularities
In recent years, crypto exchanges have implemented various policies to prevent wash trading, a deceptive practice that artificially inflates trading activities. Such practices make it difficult for users to obtain an accurate market picture.
Accordingly, South Korea’s Financial Intelligence Unit (FIU) investigated registered exchanges in March 2023 and discovered that some lacked proper internal controls. Based on the results of these findings, these exchanges were fined up to $400,000 and given three months by the regulator to improve.
In a related development, SEC lawyers recently announced that all charges against Brad Garlinghouse Ripple’s CEO and executive chair Chris Larsen would be dropped. Consequently, the lawsuit was dismissed by the court.
The dropped charges end an almost 3-year legal tussle between the US regulator and the blockchain firm. Since Gary Gensler took over as SEC Chair, the commission has filed lawsuits against Binance, the largest global cryptocurrency platform, and Coinbase, the US leading virtual asset exchange, over violation of various securities laws, the same charge it leveled against Ripple over the sale of its native token (XRP).
According to Gensler, all digital assets (except BTC) should be treated as securities and regulated by the SEC. However, players in the industry argue that the current US securities laws do not apply to crypto and have advocated for the establishment of custom crypto rules.
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