XRP is gaining the spotlight in South Korea as the leading altcoin continues to see increased participation among traders within the country against other major crypto assets.
Amid the heightening interest in XRP, recent onchain data shows that XRP has outperformed Bitcoin and Ethereum in spot trading volume on South Korea's largest cryptocurrency exchange.
XRP sees strong trading activity in South Korea
The data shows that XRP's spot trading volume against the South Korean won (KRW) reached over $145.6 million on October 15, despite the broad market slowdown seen on that day.
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As such, XRP outperformed both Bitcoin and Ethereum as they recorded $126.5 million and $92.1 million respectively in spot trading volume on the same day.
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This shows that XRP attracted more spot trading activity than the two largest cryptocurrencies by market capitalization on the exchange, signaling strong demand for XRP among Korean traders.
Further data showed that the trend continued until October 16, as even though trading volumes across all three cryptocurrencies had cooled, XRP still maintained its lead.
Will South Korea drive recovery for XRP?
While XRP was able to extend its dominance for a second consecutive day, it appears that interest in the Ripple-associated altcoin remains strong in the South Korean crypto market.
Market analysts believe that the strong demand for XRP on Korea's largest crypto exchange could impact its broader market value and drive a further rally in XRP's price, as Upbit's trading data have proved to be a useful indicator of local investor activity.