XRP’s price hike has sparked a surge in trading volume on major Korean exchanges, including Upbit, Bithumb, and Korbit, signaling a renewed interest in cryptocurrency trading in the region, according to a recent report.
CoinGecko and CoinMarketCap data shows that in the last 24 hours, XRP accounted for 37% and 18% of Bithumb and Upbit’s total transactions, respectively, while on Korbit, XRP made up 50% of the total trading volume.
This surge in XRP transactions is an unusual phenomenon in Korean virtual asset exchanges, where Bitcoin and Ethereum are the major players. Upbit’s XRP trading volume has now risen to No. 1 worldwide, surpassing Binance’s trading volume.
However, it has been suggested that some of the volumes may have been related to washing trading. The recent interest in XRP appears to have stemmed from speculation that it may be classified as a commodity rather than a security.
XRP Rises Amidst Korean Exchanges Controversy
XRP’s surge on Korean exchanges has been making headlines in the world of cryptocurrency. However, another noteworthy news has emerged, revealing the pumping and dumping of altcoins in Korean exchanges whenever they suspend withdrawals. The CEO of CryptoQuant made this revelation through a series of tweets.
According to the CEO, the strict capital controls in South Korea have blocked arbitrage opportunities between global exchanges. It has led to market manipulators taking advantage of the situation and indulging in pumping and dumping altcoins. Ironically, the CEO notes that Korean crypto traders love pumping and dumping altcoins despite the risks involved.
The CEO marked this as “fun fact 3” in a thread of tweets that he started on December 22, 2021. In his first tweet, he informed the public that withdrawals would be temporarily suspended in Korean exchanges.
He then revealed that market manipulators were excited about this news, marking it as “fun fact 1”. It was followed by the revelation about the pumping and dumping of altcoins in Korean exchanges, marked as “fun fact 2”.
The Korean government’s upcoming travel rule solution is expected to worsen the situation. It will make Korean exchanges even more isolated, further increasing market manipulation and the pumping and dumping of altcoins.
This news sheds light on the challenges faced by the crypto industry in the region, while the surge in XRP on Korean exchanges may be exciting. However, the prevalence of market manipulation is a serious concern that needs to be addressed.