XRP Surges in Korea, Hits ₩3000: Ripple Market History Comes Full Circle

XRP has surged to become the third-largest crypto by market cap, trailing only Bitcoin and Ethereum. This has reignited global interest, particularly in Korea. Ryan Kim, founder of crypto investment firm Hashed, highlighted the Ripple Market Korea project on X today, pointing to Korean investors’ strong interest in XRP. This interest has a long history, dating back to 2014 when Ripple Labs first introduced XRP to Korean investors, including “ajummas” — middle-aged Korean women who often wield significant influence in household financial decisions.

Ripple Labs sold XRP to Korean Ajummas with Ponzi scheme in 2014. It called “Ripple Market Korea”. There were so many people invested in XRP back then. Probably they made so much money lol

There is genuine XRP community in Korea and That’s why Korean are buying XRP a lot.…

— Ryan Kim (@0xryankim) December 2, 2024

Read also: South Korea’s Crypto Tax Reform Stalls as Parties Debate Timelines

The first Ripple Coin exchange in Korea opened on November 14, 2014, and its initial tokens sold out within 2 hours, according to local reports. After establishing a Ripple exchange in Korea, the company introduced its own currency, RMK, to reward customers. RMK holders shared in the company’s revenue through an incentive model.

Why Koreans Show Strong Interest in XRP

Koreans saw Ripple Coin as a potential alternative to Bitcoin, offering advantages such as stable value maintenance and easy exchange for local currencies. A Ripple Market Korea official stated:

“Ripple Coin is not just a virtual currency…it has the advantage of being exchangeable for actual currencies of each country, so we expect the value and popularity of the currency to continue to increase.”

He added that Google Ventures’ investment in Ripple Coin demonstrated the token’s potential. This early adoption by a diverse demographic, including ajummas, helped establish a strong XRP community in Korea.

XRP Price Surges in Korea

XRP’s price has now surpassed ₩3000 for the first time since January 13, 2017. It has been almost 7 years since the 2017 crypto frenzy drove the “kimchi premium” to a record high of around 30%. This renewed interest in XRP could be linked to the strong community support that has existed since its early days in Korea. XRP currently trades at $2.40, up 28.71% in the past 24 hours, 65.41% in the past 7 days, and a remarkable 371% in the past 30 days.

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