The competitive dynamic between XRP and Ethereum (ETH) extends beyond their market position. Recent findings from a survey conducted by South Korean media platform News1 reveal that experienced cryptocurrency traders are leaning towards XRP instead of Ethereum.
Korean affinity for XRP
From December 24th to 26th, the News1 survey polled a total of 5,220 investors about their favorite cryptocurrencies. According to the results, Bitcoin remained the number one choice among investors in the country.
In the crypto world, XRP can be seen as similar to Bitcoin before Ethereum, demonstrating its significant popularity within the region. Recently, the retail market in South Korea has significantly contributed to the surge in interest for XRP over the past few months.
According to U.Today, South Korea’s largest cryptocurrency exchange, Upbit, frequently experiences high withdrawals of XRP during periods of strong purchasing interest. Over the last month, this trend has become more noticeable, and its influence on the coin’s value is clearly apparent.
According to a report from News1, XRP has consistently been a preferred cryptocurrency in South Korea ever since the Initial Coin Offering (ICO) period in 2017. Now, South Korea is recognized as one of the most significant markets for XRP globally.
Catching up with Ethereum in ETF play
Although the individual investor market continues to show potential for increasing XRP’s ownership, Ethereum is currently favored among institutions. However, this could shift significantly if an XRP Exchange Traded Fund (ETF) product becomes available this year.
Companies such as Bitwise and WisdomTree are advocating for the creation of this product, based on their hope that the current administration at the U.S. Securities and Exchange Commission (SEC) is supportive of cryptocurrencies. If approved, an XRP Exchange-Traded Fund (ETF) would open up a regulated pathway for investors to invest in the coin.
In the setup where the RLUSD stablecoin is set to work alongside XRP within Ripple Labs’ payment system, it’s likely that it will surpass major competitors such as Ethereum in performance.
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2025-01-07 16:54