As a seasoned crypto investor with a keen eye for market trends and a knack for spotting opportunities, today’s surge in the XRP/KRW pair on Upbit has caught my attention. Having navigated through the crypto market’s rollercoaster rides, I can’t help but feel a sense of deja vu with XRP’s sudden spike reminiscent of its 2017 glory days.
Today, the trading volume for the XRP/Korean Won (KRW) pair on the Upbit exchange in South Korea exceeded 7 billion dollars, as reported by CoinMarketCap’s data.
In fact, the trading pair accounted for nearly a third of the exchange’s trading volume.
HBAR/KRW and BTC/KRW come in second and third places with 5.92% and 5.70%, respectively.
As reported by analytics company Lookonchain, the South Korean cryptocurrency sector has undergone considerable turbulence as per their findings.
In the Upbit exchange, some South Korean cryptocurrency pairings experienced a sudden drop. Specifically, the price of XRP dropped to approximately $1.89, while Bitcoin dipped beneath the $80,000 mark.
Numerous whales moved significant quantities of USDT tokens towards the top-tier exchange platforms, seeking potential buying opportunities they believed would arise at low prices.
More than 163 million USDT flowed into Upbit, the leading exchange on the South Korean market.
According to a report by U.Today, it appears that the remarkable surge of XRP may have been fueled by robust purchasing activity originating from South Korea.
Today, the trading volume of XRP on the Upbit exchange exceeded that of the KOSPI, South Korea’s main stock market index.
This morning, the digital currency linked with Ripple reached a high not seen for years at around $2.82, but later it experienced a slight drop in value.
The O.G. cryptocurrency is currently trading at $2.52, according to CoinGecko data.
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2024-12-03 19:56