- XRP surpasses Ethereum as a popular cryptocurrency trading choice in South Korea.
- Data shows that over 20% of traders in their 20s interact with the token, the highest of any age group in the country.
- South Korean crypto expert says the trend shows traders now opt in for short-term crypto investments.
XRP, the world’s fifth-ranked cryptocurrency, has dethroned Ethereum, the world’s second-largest cryptocurrency, as the most popular altcoin in South Korea. According to a South Korean news outlet report, cryptocurrency users in the country now prefer XRP as an investment choice above other altcoins such as Ethereum.
Based on data from the South Korean cryptocurrency exchange Bitsum, the report shows investment trends across different age groups in the country. Notably, investors in their 20s were highlighted as the most active crypto traders in the country. Per the report, XRP is the popular altcoin choice among this age group, with over 20% of traders within this category opting for the token.
Traders in their 30s and 50s have also been big adopters of XRP. In particular, 14.9% of traders in their 50s and 17% in their 30s trade XRP regularly. Furthermore, 13.8% of traders who are 60 or older consider the token a good investment option. Additionally, 11.8% of traders in their forties interact with XRP.
Reacting to the XRP trend, Kim Dong-hwan, CEO of a South Korean-based crypto company, says the trend shows the investment portfolio of traders in the country is driven by short-term profits rather than long-term investments. He added that the high interest in XRP shows that traders respond more to short-term issues than having a long-term view of the market.
Meanwhile, XRP has struggled to regain the positive run it experienced a week back. The recent market downturn and updates from the SEC-Ripple lawsuit have impacted the token.
Even though Ripple has maintained that the company is independent of XRP, news around it continues to impact the token. At the time of press, the token has seen a marginal increase in the 24 hours with a 0.42% increase, data from CoinMarketCap reveals.
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