Did South Korea Bring Ripple From $1 To $2.34 In A Single Week?

The South Korean cryptocurrency market has been blooming lately. Even though it accounts for a small percentage of Bitcoin trades, the market played a crucial role in bringing Ripple’s market cap from $40 billion to $88 billion and its price from somewhere above a dollar to $2.34 as of today.

This made Ripple one of the best performing cryptocurrencies, beating Ethereum to the second place in terms of market cap and boasting a 360x increase in value in 2017 alone. One year ago, a single Ripple sold for just six tenths of a cent. Today, it is worth more than $2.

Now, what does South Korea have to do with all this?

According to analysts, the recent increase in the value of Ripple has been due to the formation of strategic partnerships between SBI Ripple Asia and South Korean banks, as Forbes reports. However, these banks will only begin processing payments on the Ripple network by the end of Q1 of 2018. This puts a question to the real reason for Ripple’s incredible surge.
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There are also rumors that no banks are using the Ripple network to process payments, but this is once again not entirely accurate. According to some news, a major Swedish bank settled $180 million on the Ripple network by sending cross-border payments on behalf of high profile clients. There are rumors that Thailand and Japan are also using Ripple for the same things.

Over the past week, the South Korean market and its largest exchanges have accounted for more than $4.5 billion in the daily trading volume of Ripple. This is definitely a major part of Ripple’s market cap. It’s true that South Koreans continue to pay a premium for this digital currency and that they are most ‘guilty’ for its rising price.