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South Korea’s Crypto Phenomenon & XRP

XRP has been added to so many worldwide exchanges in the past three months that I didn’t take notice of specific ones based in South Korea.

South Korean Timeline and Colossal Impact on XRP Demand

The timeline was fast, I remember, and looking back on it now I can deduce that these exchanges compete actively for customers based on the quick sequence where each added XRP trading:

Coinone: May 15, 2017 1 Korbit: May 19, 2017 2 Bithumb: June 2, 2017 3

If anything, I made an unconscious note that the pacific rim was more well-covered, but I really didn’t give any more weight to South Korea than any of the other countries that were being served by exchanges that support XRP.

Ethereum traders also underestimated South Korea’s impact.

It quickly became apparent after XRP was added that South Korea shouldn’t be placed in the same category as other countries with fiat / XRP pairings – and XRP traders were not the only ones caught off-guard by the incredible appetite for crypto coming from South Korea.  Ethereum received an enormous boost in price and demand from the country as well starting in late April and early May as exchanges added support for Ether. 4

In his Quarter 2 XRP report, Miguel Vias from Ripple noted: 5

“XRP/FIAT volumes in Q2 were 21 times greater than XRP/BTC volumes in Q1. While some of this can be attributed to growth in USD and EUR pairs at Bitstamp and Kraken, the bulk of this transition was due to increased activity on Korean exchanges.”

We are now past the end of the second quarter and the volume from South Korea was not an isolated occurrence; South Korea has shown a massive and sustained appetite for Bitcoin, Ethereum and XRP.

Don’t Believe Me?

Then perhaps you’ll believe the numbers themselves as presented real-time on XRP Charts.  This is a screenshot from July 23, 2017, for the latest 24-hr volume: 6

At the top is the total volume, roughly 170 million dollars in the l...

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