XRP’s South Korea Slump: Political Unrest Sparks Price Crash

• South Korea’s political unrest and martial law declaration triggered a flash crash in cryptocurrencies.
• XRP saw a dramatic 54% drop on UpBit, struggling to recover compared to Bitcoin’s quicker rebound.
• South Korea’s crypto market, a major player in global XRP trading, reportedly hindered XRP’s ascent to $3

XRP’s price crash in South Korea highlights the crypto market’s sensitivity to political events. Last Tuesday, the president’s declaration of martial law triggered a flash crash across global markets, hitting Bitcoin (BTC) and XRP hard. According to analytics platform Kaiko, XRP prices on South Korea’s UpBit exchange fell by 54%, struggling to recover compared to Bitcoin’s quicker rebound.

Bitcoin Flash Crash

On South Korea’s main exchanges, UpBit and Bithumb, the BTC-KRW pair fell sharply. UpBit had the steepest drop, with Bitcoin prices plunging 30% to 89 million Korean Won (about $63,000).

This panic initially pushed prices down, but eventually, net buying activity stabilized the BTC-KRW pairs. The market showed resilience and regained its composure.

XRP Suffers the Most Severe Decline

While Bitcoin’s recovery was relatively quick, XRP…

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