XRP's South Korean Trading Volume Surpasses Bitcoin's by 300%

XRP, a digital asset, has gained significant traction in South Korea, with millions of residents investing in it. This phenomenon is not merely driven by hype but is grounded in practical financial use cases, particularly in international money transfers. The digital asset's adoption in the country is notable for its real-world applications, which address the inefficiencies of traditional banking systems.

South Korea's preference for XRP is evident in its trading volume, which often surpasses that of Bitcoin on major domestic exchanges. On Upbit, South Korea’s leading trading platform, XRP has exceeded $6 billion in daily volume, accounting for more than one-third of all trades on the platform. This high level of participation is rare even in the most active crypto markets, with over 3.5 million South Koreans holding XRP, equating to nearly 7% of the national population.

South Korea’s internal payment infrastructure is highly efficient, with digital applications like Toss and KakaoPay enabling fast and low-cost domestic transactions. However, the same cannot be said for international remittances. Traditional wire transfers can take three to five business days to process and may cost users up to $25 per transaction. This creates significant friction, especially for migrant workers and small business owners.

XRP offers a viable alternative to these limitations. Using Ripple’s underlying technology, platforms like Coinone’s Cross app enable real-time, low-fee cross-border transfers. Partnerships with companies such as CROSS ENF illustrate Ripple’s expansion in South Korea. Ripple’s infrastructure is already contributing to cross-border remittance services, addressing one of the most persistent pain points in South Korea’s financial system.

South Korean investors appear to treat XRP as a preferred digital asset during political uncertainty. The digital asset experienced 3x Bitcoin’s trading volume during a recent domestic crisis. XRP’s volume has consistently outperformed other top assets in the country, suggesting a unique local confidence in the asset’s stability and utility. South Korea’s strong support for XRP reflects a demand for efficient, low-cost international money transfers that traditional banks have failed to meet. Investors run to XRP as a safe haven, a go-to asset as traditional banks struggle, and to bypass a broken international transfer system.