CandleFocus XRP craze in South Korea reminds traders of LUNA meltdown
2024-12-03
Author: Content Editor
XRP traders in South Korea are more active than traders of any other cryptocurrency, including Bitcoin and Ethereum, on the Seoul-based crypto exchange Upbit. XRP accounted for over one-third of Upbit's total trading volume on Monday. This surge in activity in South Korea has led to a slight premium for XRP denominated in the South Korean won compared to the global average, indicating a possible resurgence of the "kimchi premium" phenomenon. XRP's market capitalization now ranks among the largest public companies in South Korea. South Korean media is praising a group known as the Ajummas, who have discovered crypto and are outperforming their Japanese counterparts. XRP has quadrupled in value in the past month and is now ranked third among cryptocurrencies worldwide. Despite the positive news flow for XRP, some South Koreans remain skeptical of its long-term staying power due to past experiences with failed crypto projects. The memory of losses from the collapse of the Terra LUNA project in 2022 is still fresh in their minds.
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