Ripple price (XRP/USD) rises as South Korean demand remains strong

The second-largest cryptocurrency gains nearly 8% in the past 24 hours thanks to big surge on Monday

Ripple price (XRP/USD) rises as South Korean demand remains strong

The Ripple price (XRP/USD) has surged nearly 8% over the past 24 hours amid strong demand from South Korean investors.

Ripple saw a sharp rise toward the end of yesterday’s trading, which allowed it to finish the day at an intraday high of $2.39. The cryptocurrency traded mostly sideways in today’s morning session, but another surge pushed it closer to the $2.50 mark at the beginning of the afternoon session. The Ripple price has pulled back in more recent trading and is currently hovering around yesterday’s close, according data from cryptocurrency tracker Coinmarketcap.

Ripple’s continues to enjoy robust trading activity, with its current 24-hour volume standing at nearly $2.7 billion. Just over a third of that volume has been generate on South Korea’s leading exchange, Bithumb, where the Ripple price has soared to over $2.70. Ripple is being traded around that level on Bithumb’s local rivals Coinone and Korbit.  

The surging investor interest from South Korea was largely responsible for Ripple’s record-breaking run in the final days of last year. Last week, cryptocurrency broke above $2, setting an all-time high of $2.85 on December 30. Its trading volume soared to over $8 billion on the day, with the surge largely driven by South Korean exchanges.

In today’s trading, the Ripple price stood at $2.38, as of 15:43. The cryptocurrency has gained 7.5% in the past 24 hours. The coin currently has a total market capitalisation $92 billion, which makes it the second-largest cryptocurrency on the market.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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