The altcoin XRP is doing exceptionally well in South Korea. According to a post by social media user WallStreetBets, as he calls himself, the coin is more popular than other cryptocurrencies such as Bitcoin (BTC) and Dogecoin (DOGE) in the Asian country. XRP achieves significantly higher trading volumes than many other coins on Korean exchanges such as Upbit, Bithumb and Coinone.
Trading volume dominates
Data from CoinMarketCap shows that the daily trading volume of XRP on Upbit is approximately $606 million. In comparison, popular coins such as BTC and DOGE have a daily trading volume of $246 million and $210 million respectively.
XRP thus surpasses the combined volume of BTC and DOGE on the Upbit exchange. These numbers indicate that South Korean investors have a strong preference for XRP, which may play a major role in the altcoin’s recent price rise.
XRP price rises by 25%
The price of XRP has risen from $2.00 to a high of $2.49 in recent days, an increase of almost 25%. This puts the altcoin nearing its 2024 local peak of around $2.82. To reach this important limit, a further increase of 13.25% is needed.
Analyst predicts an XRP price of $8
According to analysts, the XRP price could rise much further over the course of 2025. An important milestone remains the all-time high of $3.40, which has been untouched since 2018. WallStreetBets sees the current rally as a strong signal that XRP can climb to the $5.85 level in the coming months. This would represent an increase of 135% compared to the current price. The analyst also predicts a final price target of $8 for this year, which represents an impressive upside of 220%.
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Source: https://newsbit.nl/xrp-populairder-dan-ooit-in-zuid-korea-gaat-de-koers-doorstijgen-naar-8/
