XRP Is More Prominent Than Other Cryptocurrencies In South Korea: Here’s Why

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New Member
Jul 18, 2023
XRP, the native asset of Ripple, has seen a surge in popularity in the South Korean cryptocurrency market, surpassing Bitcoin and other top altcoins like Ethereum, Solana, Bitcoin Cash, and Dogecoin. This trend reflects the changing preferences and trading behaviors of crypto enthusiasts in South Korea and highlights the country’s emergence as a key player in the global crypto market. Upbit, a prominent South Korean crypto trading platform, has reported increased trading volumes for the XRP-KRW pair compared to the BTC-KRW pair.

On the other hand, in the United States, Bitcoin and Ethereum remain the preferred cryptocurrencies among users, according to data from Coinbase. Bitcoin has gained more prominence over time in the US, with a greater number of BTC-related products and services available compared to other digital assets. Analysts are optimistic about the potential approval of a Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC) in the coming months. The approval is dependent on ensuring the underlying token’s price cannot be manipulated by exchanges providing price data.

It is important to note the regional differences in user preferences and market dynamics that shape the local crypto landscape. While Bitcoin maintains its global dominance, different countries may have their own preferences for specific cryptocurrencies.

In an effort to curtail market irregularities, Crypto Exchanges in South Korea have implemented policies to prevent wash trading, a deceptive practice that artificially inflates trading activities. The country’s Financial Intelligence Unit (FIU) investigated registered exchanges and fined those found lacking proper internal controls. The exchanges were given three months to improve.

In a related development, the US Securities and Exchange Commission recently dropped all charges against Ripple’s CEO, Brad Garlinghouse, and executive chair, Chris Larsen. This marked the end of a nearly 3-year legal battle between the SEC and Ripple. The SEC has filed lawsuits against other players in the industry, including Binance and Coinbase, over alleged violations of securities laws.

SEC Chair Gary Gensler has argued that all digital assets, except Bitcoin, should be treated as securities and regulated by the SEC. However, industry players argue that the current US securities laws do not effectively apply to cryptocurrencies and have called for the establishment of custom crypto rules.

In conclusion, XRP’s dominance in the South Korean crypto market highlights the preferences of local crypto enthusiasts and the country’s emergence as a key player in the global market. Regional differences in user preferences and market dynamics play a significant role in shaping the local crypto landscape. Efforts to prevent market irregularities, such as wash trading, are being implemented by regulators and exchanges. The dropped charges against Ripple’s CEO and executive chair signify the complex legal landscape surrounding cryptocurrencies and the ongoing debate over their classification and regulation..


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