XRP has surged 370% in the past month.

The price of XRP token has been continuously rising in recent weeks, and today its market value surged to $140 billion, surpassing USDT to become the third largest cryptocurrency in the entire market. The surge in XRP seems to be inseparable from the contribution of Korean investors.

According to CoinMarketCap data, in the past 24 hours of XRP spot trading volume, the Korean exchange Upbit ranked second with a proportion of 12.76%, second only to Binance Exchange.

On the other hand, within the Upbit exchange, the trading volume of XRP Korean won trading pairs accounts for as much as 25%, which is about 10 times that of Bitcoin Korean won trading pairs.

Why do Koreans love XRP?

In response to the crazy hype surrounding XRP by South Korean investors, Ryan Kim, a partner at Hashed, a South Korean cryptocurrency venture capital firm, posted on social media that this is largely due to Ripple Labs' marketing strategy in 2014:

"Ripple Labs sold XRP to Korean aunts in 2014 through a Ponzi scheme. This project is called" Ripple Market Korea ". At that time, many people invested in XRP and probably made a lot of money at that time (laugh). There is a real XRP community in South Korea, which also explains why Koreans still buy XRP in large quantities."