Ripple (XRP) prices are growing as its trading volume keeps pushing up in countries like South Korea. In the Asian country, one of the most important trading platforms, Bithumb, accounted for 53% of the Ripple overall trading volume. If we add Korbit and Coinone, the other important exchange platforms in this country, XRP trading volume arrives at 70%.
That means that Ripple depends heavily in the South Korean trading volume. Indeed, the South Korean Won (KRW) is one of the most important currencies in the cryptocurrency market. After the Chinese decision to ban all Cryptocurrency exchanges, the South Korean Won took its place as the third most traded currency for Bitcoin.
Since the beginning of the year, Ripple price has grown from $0.006 to $0.2 US dollars.
Americans Know About Ripple More Than Expected
According to LendEDU survey, 22.20 percent of Americans have heard of Ripple. This is a good number regarding the fourth most important cryptocurrency in the market, at the moment. At the same time almost 15 percent of Americans are planning to invest in Ripple.
That could be something good for XRP due to its high dependency in the South Korean market. Expanding its boundaries and knowing that 15 percent of Americans want to invest in it, could bring a price increase in the future.
The majority of those willing to invest in this currency are the youngest generations, between 18 and 44 years old. At the same time, only 1.34 percent of those investors with more than 55 years old have claimed that they plan to invest in Ripple in the future.
Ripple was born as a currency to escape from banks and other financial institutions that impose fees and process transaction delays.
Image Source: Forbes