A recent survey reveals that Ripple (XRP) has surpassed Ethereum (ETH) as the second-most preferred cryptocurrency among South Korean investors, while Bitcoin (BTC) retains its top position.

Bitcoin Leads, XRP Climbs to Second Place

Between December 24 and 26, 2024, Korean news outlet News1 surveyed over 5,220 investors about their preferred cryptocurrencies. The poll focused on the top 10 digital assets by market capitalisation in South Korea. Bitcoin secured the top spot, XRP ranked second, and Ethereum slipped to third.

Bitcoin’s dominance is longstanding, but XRP’s rise in popularity underscores its strong foothold in South Korea. Often referred to as the “favourite coin” among Korean investors, XRP has held its appeal despite facing significant challenges, including legal disputes with the U.S. Securities and Exchange Commission (SEC).

XRP’s Resilience Amid Legal Battles

Ripple has consistently enjoyed strong backing in South Korea since 2017. Even during periods of uncertainty, such as its high-profile lawsuit with the SEC, XRP managed to sustain investor confidence. In 2024, XRP saw an impressive 400% price surge, further solidifying its position in the market.

The token’s adoption and the loyalty of its investor base highlight its unique standing in the South Korean crypto ecosystem, where it has remained a preferred choice for years.

Concerns Over South Korea’s Economic Outlook

While the survey highlights XRP’s popularity, broader concerns about South Korea’s economic stability have surfaced. Ki Young Ju, CEO of CryptoQuant, criticised the country’s economic policies, particularly the rising value of the Korean Won and the declining attractiveness of domestic assets.

Ju also pointed to the increasing parity between Tether’s (USDT) value on Upbit, a major South Korean exchange, and the International Monetary Fund (IMF) rate. This trend could signal growing economic challenges, especially for cryptocurrencies and digital asset markets in the country.

What’s Next for South Korea’s Crypto Market?

The survey results underline shifting preferences among South Korean investors. While Bitcoin remains dominant, XRP’s growing popularity indicates a potential reordering of market dynamics in the region. However, the economic backdrop and its impact on investor sentiment may play a significant role in shaping the future of South Korea’s cryptocurrency market.

As South Korea navigates economic uncertainties, its crypto-savvy population continues to adapt, showcasing the evolving landscape of digital asset investment in the country.