The crypto market is buzzing again. XRP has soared to $3, driven by South Korean traders. Their activity on the Upbit exchange sparked this rally. What’s behind this surge? Let’s explore how South Korea is shaping XRP’s rise and what’s next for the token. Check live cryptocurrency prices here.

South Korea Sets the Pace

On July 12, crypto analyst Dom spotted a trend. South Korean traders bought 45 million XRP on spot markets. This pushed the price from $2.60 to $3.00. Upbit led the charge, accounting for 70% of the volume, or 32 million XRP. In contrast, Coinbase contributed 11%, Kraken 9%, and Bitstamp 6%.

Interestingly, Binance saw negative volume. More XRP was sold than bought there. Thus, Upbit emerged as the rally’s main driver.

The Korean Phenomenon: Why Altcoins Shine

South Korea is a crypto hotspot. According to Bloomberg, 15% of the population, or 7 million people, trade on local exchanges. Many missed Bitcoin’s early rise. As a result, they turned to altcoins like XRP. This token has become a favorite in the region.

However, some question the rally’s staying power. Retail-driven surges can be fragile. Nevertheless, Dom sees a shift. He believes South Korea’s activity reflects evolving regional markets. This creates a unique dynamic.

What’s Fueling XRP’s Rise?

XRP’s surge isn’t random. Several factors are at play. First, the XRP Ledger is growing. New products, like USDC stablecoin support, emerged last month. This strengthens the token’s ecosystem.

Second, a spot XRP ETF is gaining traction. Its approval seems more likely, drawing institutional interest. Moreover, Ripple Labs’ legal battle with the SEC is nearing its end. CEO Brad Garlinghouse confirmed no further appeals. This reduces uncertainty.

What Lies Ahead for XRP?

South Korean traders sparked an impressive rally. Yet, its sustainability is uncertain. If global interest grows, the uptrend could continue. Otherwise, a correction is possible. The XRP ecosystem, ETF prospects, and SEC clarity create a positive backdrop. Still, investors should watch the regional concentration of trading.

Track XRP prices in real time here. The token’s future looks promising, but volatility looms. The next few weeks will reveal if XRP can hold its ground.