Topic: [2015-12-15] South Korea Pushes Ripple Price Up 71%, as Japanese Banks Conduct P (Read 119 times)

The future of cryptocurrency is in Asia and definitely not anywhere else. I am talking here of the bigger Asia including Japan and also China (hope they can be back into the table next year). The most enthusiastic people for cryptocurrency can be found in Asia and the expansion here can be astounding. I am sure that in the next few years, cryptocurrency can be one of the most popular trends here...a trend that is here to stay.

I am also surprised with the sudden surge of Ripple since it has been so sluggish for the past many months and that is why I even sold mine months ago as I see no significant movement. I am glad that while Bitcoin is resting from its bull run and is stabilizing at the $16-17K level, many altcoins are grabbing the limelight and they are the ones surging this time. Long live cryptocurrency!

OK. So this is one of the positive news that push Ripple to suddenly have a good jump in prices. To be honest, I was shocked to see Ripple on the #3 stop on coinmarketcap, astonishing 79% increased. Never seen any coins that quickly pump like that, except for shitcoins who will all know are just there for the all knowing pump-dump scheme.

Asian market is really the prime movers of crypto's. And it looks like they really making good decisions and selecting coins that has the potential to improved banks business model and to make like easier not only for them as well as their customers.

Its not all pump-dump now for the top coins, there's rationale behind all of the price increase today. Of course investors will still ride the waves to take profit whenever they can, but at least the prices is not artificially growing and not misleading the public on why the price is boosting and going to the moon.

South Korea Pushes Ripple Price Up 71%, as Japanese Banks Conduct Payment Trials



The South Korean cryptocurrency market has pushed the Ripple price up 71 percent over the past 24 hours, triggered by the Ripple blockchain-based payment trial conducted by Japanese and South Korean banks.




South Korea Accounts For 50 Percent of Ripple Trades

Bithumb, Korbit, and Coinone, three of the largest cryptocurrency exchanges in the South Korean cryptocurrency market, currently account for more than 50 percent of global Ripple trades. Over the past 24 hours, the three trading platforms have processed over $1.7 billion worth of trades, surpassing the combined daily trading volume of Bittrex, Poloniex, Bitfinex, Bitstamp, Binance, and Kraken.

In South Korea, investors tend to move rapidly through word of mouth. Once several people are invested, everyone else rushes to invest in that particular asset, as Korbit co-founder and CEO Tony Lyu emphasized several times.

When a leading cryptocurrency like Ripple begins to surge in value within the South Korean market, by 10 to 30 percent, the rest of the investors in the market scramble to invest in it, triggering a short-term surge in the price and daily trading volume.

Cryptocurrencies that are heavily concentrated in the South Korean market such as Ethereum, Bitcoin Cash, Ripple, and Monero tend to increase by large margins and decline rapidly at times as well, because of the abovementioned tendency of the South Korean market and its investors to move speedily based on the trend of the market.


Cause of South Korean Market Demand Surge

Earlier today, on December 13, Japanese mainstream media outlet Nikkei reported that major banks in Japan and South Korea are set to begin the testing of Ripple blockchain and its solutions on Friday. The aim of the joint project is to reduce the cost involved in international funds transfer by nearly 30 percent.

Since the beginning of 2017, Ripple Labs have made significant process in assisting major banks and financial institutions to adopt the Ripple blockchain technology. Banks based in Japan, in particular, quickly embraced the technology of Ripple, forming a consortium of 61 corporations.

In July, Ripple global head of strategic accounts Marcus Treacher said:

    “We commend these banks in Japan for taking a giant step forward on behalf of their customers. This is a great example of a regional banks converging into a global real-time payments network for the greater good.”

Ripple Labs and its partner banks in Japan and South Korea are planning to continue the testing of Ripple technologies in the long-term and implement the Ripple blockchain at a larger scale by early 2018.

According to Nikkei, Japanese banks have already developed Ripple-based systems to process global payments on its blockchain network. Cross-border payments between South Korean and Japanese banks will be begin on January 31, if pilot tests throughout December are successfully conducted.

As reported in September, SBI Ripple Asia first announced its foray into instant international blockchain payments to South Korean banks.

“South Korea is one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets. With trade flows into and out of the country totaling $960 billion every year, we also see a high end growing demand for Ripple’s frictionless payments solution in the country,” said Takashi Okita, SBI Ripple Asia chief executive.


Source: https://www.cryptocoinsnews.com/south-korea-pushes-ripple-price-71-japanese-banks-conduct-payment-trials/