Major crypto tokens quickly plunged as much as 30% against the Korean won on South Korean exchanges as the government declared emergency martial

Ripple's XRP is down 5% on Tuesday after news of South Korea declaring martial law sparked a surge in selling activity and significant profit-taking among investors. However, whales have stepped up buying pressure as the remittance-based token looks to stage a recovery.

South Korea’s opposition party members gather at the country's parliament building on Dec. 4 after the president declared martial law.