The trading volume of the XRP/KRW pair on South Korea's Upbit exchange exceeded $7 billion earlier today, according to data provided by CoinMarketCap.
In fact, this trading pair accounted for almost a third of the exchange's trading volume.
HBAR/KRW and BTC/KRW came in second and third place with 5.92% and 5.70% respectively.
According to analysis firm Lookonchain, South Korea's cryptocurrency market is experiencing major turmoil.
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Some Korean Won trading pairs started to fall sharply on Upbit, with XRP falling to $1.89 and Bitcoin falling below the $80,000 level.
Many whales transferred large amounts of USDT tokens to major trading platforms in hopes of “bottom fishing” opportunities.
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More than 163 million USDT flowed into Upbit, the leading exchange in the Korean market.
As reported by U.Today, XRP's incredible rise was apparently driven by strong buying interest from South Korea.
Earlier today, the XRP trading volume on Upbit exchange managed to exceed the total trading volume of KOSPI, South Korea's main stock index.
Earlier today, the Ripple-related cryptocurrency soared to a multi-year high of $2.82 before giving up some gains. The token is 20% away from finally hitting an all-time high for the first time in seven years.
According to CoinGecko data, the OG cryptocurrency is currently trading at $2.52.
