The subtle rivalry between XRP and Ethereum (ETH) has now extended beyond just the market capitalization and ranking of both coins. A new report has shown the shifting perception about both coins among South Korean traders.
According to a survey carried out by local media platform News1, these crypto-savvy traders overwhelmingly chose XRP over Ethereum. The survey, which spanned from Dec. 24 to Dec. 26, featured 5,220 investors who were asked to reveal their top crypto preferences.
Based on the ranking of the top assets by these respondents, Bitcoin unsurprisingly retained the top spot as the most preferred cryptocurrency in the country. However, the unique twist in the ranking came after Bitcoin, with XRP taking the second spot before Ethereum. This preference shows the popularity of XRP among traders in the region.
Over the past few months, the retail market in South Korea has played a pivotal role in fueling the demand for XRP. As reported by U.Today, the country’s biggest crypto trading platform, Upbit, is always known to see intense outflows of XRP amid defined buying pressure from retail traders. With evidence of bigger play over the past month, the impact on the coin's price also remained evident.
According to the News1 report, XRP has remained a favorite coin in South Korea since the initial coin offering (ICO) era in 2017. The country is now considered one of the most important markets for XRP overall.
Catching up with Ethereum in ETF play
While the XRP retail market seems primed to boost the coin’s acquisition, Ethereum still remains the favorite in terms of institutional adoption. However, this tide is poised to change with the potential launch of an XRP exchange-traded fund (ETF) product this year.
Major investment firms like Bitwise and WisdomTree are pushing for the product on optimism that the new leadership of the U.S. Securities and Exchange Commission (SEC) is pro-crypto. If granted, the XRP ETF will form a new avenue for investors to gain regulated exposure to the coin.
With the RLUSD stablecoin also poised to complement XRP in Ripple Labs’ payment ecosystem, the odds of outperforming key rivals like Ethereum seem high.
