South Korea Drives Recent Strength in XRP Price According to Analyst
A crypto analyst indicates that South Korea is significantly influencing the recent strength of XRP pricing. Key points include:
- High trading volume on South Korean exchanges supports XRP's price amid struggles for other altcoins.
- South Korea is a major driver of XRP performance, with notable adoption among local crypto users.
- XRP frequently outperforms Bitcoin even on low trading days, indicating strong demand in the region.
- Approximately 20% of XRP’s market cap is owned by South Korean citizens, reflecting significant interest.
- The absence of large-scale cross-border payment solutions leads many South Koreans to use cryptocurrencies like XRP for transactions.
- Regulatory uncertainties in the US hinder XRP's growth compared to South Korea's supportive environment.
- Upbit, South Korea's largest exchange, holds around 5% of XRP's total supply, reinforcing its market influence.
- The analyst suggests that XRP may be at a pivotal moment, transitioning from a speculative asset to a key player in the crypto market.
- XRP might be forming a potential bottom on the Korean won chart, indicating a possible upward movement.
