XRP is currently the preferred crypto asset in South Korea, a new report from top South Korean crypto exchanges shows. The survey shows that the token is highly preferred, especially among young people in their 20s.
The proportion of XRP in the portfolios of people in this age group surpassed that of Bitcoin and Ethereum combined. XRP comprised 20.7% of their investments, compared to a combined 17.5% for Bitcoin and Ethereum.
Data used in the report covered the first half of 2023, and further showed that people in their 20s showed a more aggressive approach to investing compared to others.
They also generally preferred altcoins, which are more volatile than Bitcoin and Ethereum that are considered to be more stable, long term investments.
Specifically, 82.5% of people in this age group invested in volatile altcoins rather than Bitcoin or Ethereum.
Conversely, those in their 30s preferred Bitcoin and Ethereum to XRP, with a proportion of investment in bitcoin and Ethereum at 28.2%.
Those in their 60s or older had (23.0%), followed by those in their 50s (22.2%), 40s (21.7%), and 20s (20.7%).
Commenting on the report, Kim Dong-hwan, CEO of Wonderframe and domestic virtual asset expert, said, “It seems that they have an investment tendency aimed at short-term profits rather than long-term investments,” he said.
“If you see that (20s) invest in Ripple more than Bitcoin and Ethereum, they are more agile in responding to short-term issues in the market than having a long-term view of the market,” he added.
XRP has been through a lot in the last few years, mainly because of the lingering court case which partially came to an end last month. While the partial victory of XRP brought relief and a price rally for the token at the time, it was rather short lived.
The U.S. securities and exchange commission (SEC) has filed an appeal, insisting XRP is a security, which led to another discouraging episode.
However, this seems to have no effect on South Korean investors in their 20s, probably because they believe the token will emerge victorious again.
XRP Price Now
Although the whole crypto market is down currently, there are a few assets showing signs of strength, and XRP is one of them. It has gained o.12% in the last 24 hours, but the market is majorly trading sideways.
The crypto community eagerly awaits the outcome of the trial between Ripple and SEC on the final status of XRP. If the token wins, South Korean investors will have won.
However, there are strongly positive predictions about the token, with or without a positive ruling, but the outcome remains to be seen.