Ripple Surpasses Ethereum as South Korea's Second Most Preferred Token

Bitcoin (BTC) remains the favorite cryptocurrency among South Korean investors, while XRP (XRP) has surpassed Ethereum (ETH) in popularity, according to a survey conducted by Korean news outlet News1.

From Dec. 24 to Dec. 26, 2024, more than 5,220 investors were asked about their top crypto choices. The survey included the top 10 cryptocurrencies by market cap in South Korea. The results showed that Bitcoin came in first, XRP was second, and Ethereum was third.

Bitcoin has been the leader for a long time. Ripple, on the other hand, has always been popular in South Korea as well, the report notes. The token has been known as the “favorite coin” for many Korean investors since 2017. Even when Ripple faced challenges, like a lawsuit with the U.S. Securities and Exchange Commission, it still maintained strong support as in 2024 Ripple saw a massive 400% price increase.

Meanwhile, CryptoQuant chief executive Ki Young Ju expressed grave concerns about the status of the Korean economy, critiquing the nation’s economic policies, pointing out, in particular, the rising value of the Korean Won and the unattractiveness of domestic assets.

Ju also pointed out that the value of Tether’s (USDT) on Upbit, a major South Korean exchange, had already caught up to the IMF rate which can be a bad sign for the South Korean economy especially in terms of cryptocurrencies.

Key Takeaways

• Survey Results: Over 5,220 investors ranked Bitcoin, Ripple, and Ethereum as top tokens.
• Ripple's Popularity: XRP's popularity has surged, especially since 2017.
• Price Increase: Ripple experienced a remarkable 400% price increase in 2024.
• Economic Concerns: CryptoQuant CEO warns of ongoing issues in the South Korean economy.