The XRP Army, Ripple's dedicated social media fanbase, has found a stronghold in South Korea. According to Seoul-based crypto exchange Upbit, XRP trading activity surpassed all other cryptocurrencies this week — including Bitcoin (BTC) and Ethereum (ETH).
With $6 billion in XRP traded** on Monday alone, Ripple's token accounted for over **one-third of Upbit's $18 billion daily volume. This surge highlights South Korea's outsized influence in crypto markets, reminiscent of the 2017 "kimchi premium" phenomenon where BTC traded at higher prices locally than globally.
The Return of the Kimchi Premium
- XRP/KRW pairs briefly traded at a single-digit premium over global averages during peak activity
- The premium fluctuated throughout the weekend before normalizing by Monday
- This marks the first significant kimchi premium appearance in years
On December 2, Upbit momentarily usurped Coinbase's price leadership for XRP, with KRW-denominated prices leading global markets for nearly 24 hours. The token's 400% gains over four weeks created temporary arbitrage opportunities across exchanges.
👉 Discover how South Korea's crypto market differs from global trends
Ajummas: South Korea's Unexpected Crypto Winners
XRP's market cap now rivals South Korea's corporate giants:
| Company/Asset | Market Cap Ranking |
|---|---|
| Samsung | 1st |
| XRP | 2nd |
| Hyundai | 3rd |
South Korean media celebrates the Ajummas — housewife investors drawing comparisons to Japan's Mrs. Watanabe traders. These retail investors:
- Capitalized on XRP's rapid appreciation
- Outperformed professional traders during the rally
- Demonstrated remarkable timing entering positions
"Unlike the 2018 crash, every XRP buyer except those from the first week of 2018 is now profitable" — Local Market Analyst
Why XRP's Rally Concerns Veterans
Despite the celebration, parallels with Terra LUNA's collapse worry experienced traders:
- Both assets saw parabolic rises before their respective crashes
- Retail investors (Ajummas) drove adoption in both cases
- Regulatory scrutiny followed periods of extreme growth
Key differences:
- Ripple has regulatory clarity after its SEC case
- XRP has institutional ETF applications pending
- The project maintains active development
FAQ: Understanding South Korea's XRP Phenomenon
Q: Why is XRP so popular in South Korea?
A: Combination of Ripple's partnerships with local banks and cultural affinity for "underdog" assets.
Q: How does the kimchi premium work?
A: When domestic demand outstrips global supply, creating temporary price discrepancies.
Q: Are Ajummas still buying XRP?
A: Reports suggest many are taking profits, remembering LUNA's collapse.
Q: What's XRP's realistic price potential?
A: Analysts cite $1.50-$2.00 as next resistance levels if momentum continues.
Q: How long might this rally last?
A: Historically similar runs lasted 6-8 weeks before correction.
The Shadow of LUNA Looms Large
The Terra collapse remains traumatic for South Korean investors:
- Do Kwon became a national villain
- Some tragic deaths were linked to LUNA's crash
- Regulators became hypersensitive to crypto risks
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While XRP's fundamentals differ significantly from LUNA's, the psychological impact on South Korea's retail investors creates both opportunities and risks for the current rally. Market watchers suggest that sustained institutional adoption may determine whether XRP avoids LUNA's fate.