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XRP Surges in Korean Market, Challenges Ethereum's Dominance

Coin WorldSunday, Feb 2, 2025 9:33 am ET

1min read

XRP Dominates Upbit’s Trading Volume in Korean Market with 19.94% Share

XRP, the third-largest cryptocurrency by market capitalization, has been making waves in the Korean market, with a significant 19.94% share of the trading volume on Upbit, a prominent cryptocurrency exchange. According to data released by CoinGecko on February 2nd, Upbit reported a substantial 24-hour trading volume of $3.456 billion, with the XRP/KRW trading pair leading the pack.

The top five trading pairs by volume on Upbit included BTC, QTUM, DOGE, and SOL, indicating a diverse range of digital assets being actively traded. This data underscores the growing interest and activity in the cryptocurrency sector, particularly in regions like South Korea, where local exchanges play a pivotal role in shaping market dynamics.

XRP's impressive performance in the Korean market comes amidst a broader rally in the crypto market following the U.S. presidential election in November 2024. The asset surged to $3.39 last week, marking its highest price since 2018, and has since maintained strong momentum, outperforming many other cryptocurrencies.

Analysts have been bullish on XRP's prospects, with some predicting that it could soon surpass Ethereum to become the second-largest cryptocurrency by market capitalization. Dom Kwok, a former Goldman Sachs analyst and co-founder of Easy, has shared an optimistic outlook, noting that there is a "high chance" that XRP could surpass Ethereum in the near future.

Meanwhile, Ripple CEO Brad Garlinghouse has signaled the inclusion of XRP in the U.S. Strategic Reserve, citing the pro-crypto policies expected to be rolled out in Donald Trump's administration. This development, along with the rapid expansion of the XRP Ledger (XRPL) ecosystem, has fueled confidence in XRP's potential to outpace Ethereum.

However, some analysts have expressed skepticism about XRP's ability to surpass Ethereum, citing the latter's dominance in smart contracts and decentralized applications. Antony Welfare, CEO of digital asset solutions firm EnterpriseGoCapital, acknowledged that while some predict XRP could surpass Ethereum's market cap, it would require a 250% increase

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.