Ripple Price Roars Past $1.05 as Korean FOMO Kicks into High Gear

Ripple Price Roars Past $1.05 as Korean FOMO Kicks into High Gear

The Ripple price roared past $1.05 on Monday amid surging volume in South Korean markets.

Ripple Price Roars Past $1.05

The move was somewhat unexpected, as the Ripple price had spent the previous week on a gradual downslope, declining from $0.94 on Feb. 25 to $0.89 on March 4.

However, on Sunday evening, the Ripple price began to explode, and the XRP token posted an 18 percent increase, a rally that bested those of all other top 100-cryptocurrencies.

At present, the Ripple price is valued at $1.06 on Bitfinex, which translates into a $41.8 billion market cap.

XRP Price Chart

The rally correlated with heavy XRP trading in South Korean markets. Bithumb’s XRP/KRW pair alone accounts for nearly 31 percent of Ripple’s daily volume, while KRW markets at fellow South Korean exchanges Upbit and Coinone comprise another 13 percent.

Despite this heavy concentration of trading volume, the “kimchi premium” — a nickname for the discrepancy between prices at South Korean exchanges and other major trading platforms — appears to have disappeared, as XRP/KRW pairs are trading at virtually the same level as XRP/BTC and XRP/USD.

Source: CoinMarketCap

Major South Korean Bank Completes Ripple-based Blockchain Trial

The impetus behind Ripple’s dramatic price movement is not immediately clear.

However, given that volume is so heavily concentrated in South Korea, it may be linked to a recent report that Woori Bank — one of Korea’s “big five” financial institutions — had completed the second phase of an overseas remittance trial using Ripple’s enterprise blockchain.

While such enterprise blockchain trials do not involve the XRP token, many investors believe that banks, money transfer services, and other financial institutions will adopt XRP-integrated products in the future, once they have become comfortable with blockchain-based systems.

However, reports of the trial first emerged on March 2, so — if Woori’s blockchain trial was indeed the rally’s catalyst — it is unclear why there was a several-day delay between the reports and XRP’s surge.

Notably, Stellar’s Lumens token, which — perhaps incorrectly — has been described as a “poor man’s Ripple,” appears to have caught XRP’s tailwinds, as the XLM price is up 13 percent for the day.

Featured image from Shutterstock.

05.03.2018 / 18:00 57
Ripple Price Surges 17% as Crypto Market Makes $15 Billion Advance Ripple Price Surges 17% as Crypto
The cryptocurrency markets continued their steady advance on Monday, with the majority of top 100-coins and tokens rising against the value of the US
Asian Altcoin Trading Roundup: Top Cryptocurrency is Ripple Asian Altcoin Trading Roundup: Top
FOMO Moments Another week begins in crypto land and the Asian markets are bubbling away nicely. Most altcoins are in the green, albeit marginally,
Ripple Price Technical Analysis – XRP/USD Surges Above Key Resistance Ripple Price Technical Analysis –
Key Highlights Ripple price started a major upside move from the $0.8850 swing low against the US dollar. There was a break above a key bearish trend
South Korean Bank Plans �Commercial’ Ripple Remittances By 2019 South Korean Bank Plans
Ripple-based remittances are set to launch with South Korean bank Woori Bank. South Korean bank Woori Bank intends to introduce “commercialized”
South Korean Bank Trials Ripple for Overseas Remittances South Korean Bank Trials Ripple for
South Korea's Woori Bank has reportedly completed a cross-border remittance test using the distributed ledger technology (DLT) developed by San
Ethereum, Litecoin Prices Headline $20 Billion Altcoin Rally Ethereum, Litecoin Prices Headline $20
The cryptocurrency markets achieved another comprehensive advance on Tuesday, but — breaking from recent norms — the bitcoin price was not leading
Comments (0)
Add a comment
Comment on