- XRP enjoys substantial popularity in South Korea, with about 10% of the population holding the asset.
- Strategic focuses on DeFi and gaming, coupled with XRPL’s scalability solutions, promise to further bolster XRP’s adoption in South Korea.
In the rapidly evolving world of cryptocurrency, XRP has carved out a significant niche, particularly in South Korea. Known for its swift transaction capabilities and low fees, XRP has garnered a substantial following, becoming a top investment choice for South Korean crypto enthusiasts.
A Ripple partner recently shed light on this trend, revealing the deep penetration of XRP within the South Korean market.
XRP Dominance on Bithumb
Bithumb, one of South Korea’s premier cryptocurrency exchanges, lists XRP as its second most held asset. This is no small feat, considering the fierce competition in the crypto space. The trading volume of XRP in South Korea is not just substantial; it’s indicative of the cryptocurrency’s entrenched position in the market.
Josh Kim, a key figure leading Ripple’s efforts in South Korea, provided some eye-opening statistics in an interview with Crypto Eri. Kim highlighted that an impressive 10% of the South Korean population, which equates to about five million people, holds XRP.
Sneak Peek Clip with @yoshi_korean
Official @Ripple & @futureverse partner@xrplkorea10% of the Korean population owns #XRP
Korea represents 15% of all #XRP in circulation
Korea is about 50% of the global #XRP Volume. (Strict laws were adopted to eliminate wash-trading)… pic.twitter.com/E49x1YfatT
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) February 26, 2024
This level of adoption surpasses that of any other cryptocurrency in the region, signifying a robust and growing community of XRP supporters.
A Community’s Significant Stake
Kim also pointed out that South Korean XRP holders control at least 15% of the cryptocurrency’s circulating supply. This is particularly noteworthy considering the regulatory hurdles that the crypto industry faces.
Despite these challenges, Kim is optimistic about South Korea’s continued leadership in embracing XRP and the XRP Ledger (XRPL). For a deeper dive into these developments, you can watch this Youtube video.
Accelerating XRPL and XRP Adoption
Kim’s commitment to expanding the use of XRPL and XRP in South Korea is unwavering. He aims to propel adoption by pinpointing viable use cases and motivating developers to create impactful services. This approach is not just about promoting XRP; it’s about leveraging blockchain technology to enhance everyday life.
DeFi and gaming emerge as key sectors for XRPL integration, with one DeFi project on XRPL already showing promising results. Considering South Korea’s position as a global gaming powerhouse, the push towards incorporating game developers into the XRPL ecosystem is strategic and timely.
At the time of writing, the price of XRP has risen 5.69% in the last 24 hours, reaching a price of $0.5629. This represents a slightly increase of 0.35% over the past 7 days.