XRP Trading Volumes Hit $2.5B on South Korean Exchange UpBit

of XRP tokens against the Korean won hit $2.5 billion on South Korean exchange UpBit in the past 24 hours, the highest among counterparts, in a sign of speculative frenzy.

This was more than 50% of the total trading volumes on UpBit in that period. Data shows market depth stood at nearly $5 million as of Asian morning hours, suggesting ample liquidity for the tokens as a $5 million buy or sell order would move the tokens only 2% on the exchange. Such liquidity is usually under $1 million, historical data shows.

Crypto exchange Binance, in comparison, traded a relatively lesser $2.2 million, CoinGecko data shows. In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens. The so-called Kimchi Premium originates from the region – where prices of bitcoin on local exchanges can trade at a premium of as much as 30% compared to international counterparts, driven by local demand.

However, some of that volume may be attributable to wash trading, a manipulative technique where traders continually buy and sell the same asset to drive up volumes in order to create a false impression of market activity.

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