HomeCryptoRecent developments have shown that even experienced financial players are embracing the...

Recent developments have shown that even experienced financial players are embracing the potential of cryptocurrencies

Important crypto news for Ripple (XRP), which recently overtook Ethereum in terms of preference in South Korea, becoming the favorite altcoin of investors, according to a tweet from Whale: 

See below for all the details. 

The Ripple (XRP) crypto triumphs over Ethereum in South Korea

As anticipated above, the fifth crypto in the global rankings, Ripple (XRP), now reigns as the favorite in South Korea in the altecoin sphere, overtaking even Ethereum. 

Specifically, it is attested that Ripple (XRP) has gained the top spot among the most popular altcoins in South Korea. This report shows that South Korean cryptocurrency traders have embraced XRP as their top choice in comparison with other cryptocurrencies. 

In addition, it is worth mentioning that Ripple has shown a growth of about 2% over the past few hours. South Korea-based cryptocurrency trading platform Bitsum shared a study highlighting investment trends among different age groups. 

Emerging from this are traders in their 20s as the most active in the country. Moreover, the same study confirms XRP as the most sought-after cryptocurrency in this age group, with more than 20% of young people preferring this token.

There is no denying the obvious growth and development that the cryptocurrency market has experienced in recent years. And the central role played by the younger generation in the stimulating evolution of this sector is indisputable. 

This generational shift in preferences eloquently demonstrates the unique features that XRP can offer.

Some data regarding the Ripple (XRP) crypto

We also see that, based on the report provided, it appears that 82.5% of investors in the 20-year age group have allocated their investments to altcoins. 

Among these, Ripple stands out as the most popular altcoin, boasting a 20.7% share.

This marks a relevant triumph of Ripple on the cryptocurrency scene, even surpassing the mainstays of the industry, namely Bitcoin and Ethereum.

Although the latter are key figures in the cryptocurrency landscape, XRP’s expansion in South Korea bolsters investor confidence. We also note that several elements have fueled the meteoric growth of the Ripple ecosystem. 

These include XRP’s practical uses, technological advancements, and strategic alliances. In addition, Ripple’s remarkable triumph in a legal battle against the US SEC has further solidified XRP’s position. 

In making further strides, XRP experienced a considerable jump of about 60% in value immediately after the verdict in Ripple’s favor in the legal case.

Currently, Ripple’s price stands at around $0.5286, accompanied by an increase of more than 1.72% in the past 24 hours. 

However, according to CoinMarketCap, there is evidence of a decline in the magnitude of daily trading volumes for XRP, registering a release of 18.29%.

SEC and XRP Conflict: Ripple’s Garlinghouse Initiative

The dispute between the US Securities & Exchange Commission (SEC) and Ripple Labs, the crypto company, continues to move forward and Brad Garlinghouse, CEO of Ripple, is further solidifying his defense.

During the day on Tuesday, two renowned attorneys from the respected law firm Cleary Gottlieb Steen & Hamilton LLP announced their decision to participate in the litigation currently pending in the US District Court for the Southern District of New York.

Attorney Michael A. Schulman formally filed a motion for Pro Hac Vice, a legal procedure that allows a lawyer to practice in a jurisdiction where they are not licensed. 

In addition, attorney Caleb J. Robertson has formally taken the position of representing Garlinghouse in the same court proceeding. The input of lawyers of such caliber from a renowned law firm underscores the significance and complexity of the case. 

As is well known, the charges brought by the SEC against Garlinghouse and co-founder Chris Larsen involve the sale and issuance of the digital asset XRP.

As previously reported by U.Today, the judge overseeing the SEC’s civil case against Ripple Labs planned to begin a jury trial in the second quarter of 2024, specifically between April and June. 

Although Judge Analisa Torres has previously ruled that the XRP coin does not constitute a security with regard to transactions on digital marketplaces, Ripple and its executives may still face other violations. 

In fact, the SEC recently took legal action to challenge this decision, but the outcome of that attempt remains to be seen.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.