Is Ripple really above $3
Not really!!! If you are wondering why Coinmarketcap.com shows a higher price for your holdings while you can not sell your coins at that price in US, here is an easy explanation. Coinmarketcap does a weighted average of price based on volumes and price on each exchange. Now look at price of Ripple at various exchanges below:
Why can we not use arbitrage to benefit from it??
Due to the anti-money-laundering laws that came into affect in 2010 in Korea, you can not sell your crypto and convert into KRW and bring money back to US. So, even though the price is so different in Korea exchanges, it is a local economy. Now, why the price in Korea is high for almost all crypto is still not clear to me. Look forward to hear from someone.