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XRP took center stage in South Korea's crypto market, smashing $7 billion in trading volume on Upbit. The staggering rally overshadowed market turmoil as XRP surged to a multi-year high, briefly outpacing the KOSPI stock index's daily trading volume.
XRP Dominates Upbit with $7 Billion Trading Volume
According to information released by CoinMarketCap, the amount of transactions involving the XRP/KRW pair on the Upbit exchange in South Korea reached $7 billion earlier today.
The trading pair was responsible for about a third of the total volume of transactions that took place on the exchange.
Second and third place, respectively, go to the HBAR/KRW and BTC/KRW exchange rates, which are 5.92% and 5.70%, respectively.
South Korea’s Crypto Market Faces Significant Turmoil
It has been reported by the analytics company Lookonchain that the cryptocurrency market in South Korea has been experiencing a large amount of turbulence.
Some South Korean won trading pairings began decreasing on Upbit, with XRP falling to $1.89 and Bitcoin plunging below the $80,000 barrier. Both of these prices are below the previous high.
In preparation for "bottom-fishing" possibilities, a significant number of whales moved substantial quantities of USDT tokens to the most prominent trading platform possible.
XRP Surpasses KOSPI in Trading Volume Amid Strong Buying Interest
The most prominent cryptocurrency exchange on the South Korean market, Upbit, received more than 163 million USDT in transactions.
The remarkable increase of XRP appears to have been spurred by heavy buying activity from South Korea, as reported by U.Today.
The overall trading volume of South Korea's key stock market index, KOSPI, was surpassed earlier today by the XRP trading volume on the Upbit platform.
XRP Hits Multi-Year High Before Retracing
In the early hours of Wednesday, the cryptocurrency that is connected with Ripple reached a multi-year high of $2.82 before ultimately losing some of its gains.
It had been seven years since the token had reached its previous all-time high, and it was only twenty percent over that point.
According to the data provided by CoinGecko, the price of the original coin is presently trading at $2.52.
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