XRP's monstrous rally that took place earlier this week was mostly driven by South Korean traders, according torecent data.
There was a total of 45 million XRP net buy pressure on spot markets, and Upbit, the leading digital exchange in South Korea, accounted for 70% of it.
For comparison, U.S. giant Coinbase accounts for only a relatively measly 11%. Bitstamp, the leading European exchange, had only a 6% share.
Meanwhile, Binance, the leading cryptocurrency trading platform across the globe, was actually negative on net volume delta, which essentially means that Binance traders were selling more than they were actually buying.
The recent data is not particularly surprising given that the token's enormous Q4 price rally was also driven by South Korea. Local traders disproportionately accounted for roughly a third of XRP's spot trading volume.
South Korean traders are famously keen on altcoin trading since crypto is seen as a shortcut to quick wealth. It is worth noting that the country has a rather strong culture of speculation that predates crypto, and younger investors are now chasing high-reward opportunities with riskier coins.
Altcoins account for nearly 90% of trading volume on local exchanges, in sharp contrast to U.S.-based trading platforms.
XRP's rally stalls
On Friday, XRP spiked to nearly $3 on the Bitstamp exchange. Since then, however, the rally has seemingly stalled, with the token currently changing hands at $2.79.
As reported by U.Today, some of the leading technical analysts believe that the token still has a lot of growth potential.
