Trading volume for the XRP/KRW pair on South Korean exchange Upbit surpassed $7 billion earlier today, according to data provided by CoinMarketCap.
In fact, the trading pair accounted for almost a third of the exchange’s trading volume.
HBAR/KRW and BTC/KRW occupy the second and third places with 5.92% and 5.70% respectively.
According to analytics firm Lookonchain, the South Korean cryptocurrency market has experienced significant disruption.
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Some South Korean won pairs have started to fall on Upbit, with XRP falling to $1.89 and Bitcoin falling below the $80,000 level despite trading above $95,000 on major exchanges.
Many whales have moved large amounts of USDT tokens to the major trading platform, anticipating “bottom fishing” opportunities.
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More than 163 million USDT flowed into Upbit, the leading exchange in the South Korean market.
As reported by U.Today, XRP’s astonishing rally appears to be driven by strong buying interest from South Korea.
Earlier today, XRP trading volume on the Upbit exchange managed to surpass the total trading volume of KOSPI, South Korea’s main stock index.
Earlier today, the Ripple-affiliated cryptocurrency hit a multi-year high of $2.82 before giving up some gains. The token was just 20% away from finally recording a new all-time high after seven years.
The OG cryptocurrency is currently trading at $2.52, according to CoinGecko data.
Overall, XRP is the third most traded cryptocurrency (behind Tether and Bitcoin). It managed to outperform Ethereum, the stablecoin USDC and Dogecoin.
