XRP Trading Volume Surges to $3.7B on Upbit, Outpacing Bitcoin by 10x
XRP has experienced an explosive trading surge on South Korean cryptocurrency exchanges.
Data from CoinGecko reveals that XRP trading volumes on Upbit reached $3.7 billion in the last 24 hours, accounting for 27.6% of the exchange’s total volume. In comparison, Bitcoin recorded a trading volume of just $340 million during the same period.
Bithumb, another major South Korean exchange, also saw significant XRP activity, with trading volumes hitting $1.2 billion—32% of its total trading volume. Globally, XRP trading volume on Binance represented 10% of its total, exceeding Bitcoin’s 7.13%.
These numbers reflect heightened interest in XRP, particularly from retail investors in South Korea. The token’s price, which has climbed 70% in the last week, reached $2.50, its highest level since January 2018.
What’s Driving XRP’s Rally?
The current XRP rally is fueled by robust demand and increased network activity. Blockchain analytics firm Santiment reported that wallets holding 1–10 million XRP accumulated 679.1 million tokens—valued at $1.66 billion—over the past three weeks. The total number of non-empty XRP wallets has also surpassed 5.5 million, marking a record in its eight-year history.
This activity underscores the growing retail interest in XRP. The surge has even propelled the token to temporarily flip USDT in market capitalization, making XRP the third-largest cryptocurrency globally.
However, some analysts warn that this rally may be nearing its peak. Santiment’s data suggests a rise in FOMO (fear of missing out) from smaller retail investors, a classic signal of an overheated market.
South Korea’s Role in XRP’s Success
South Korean exchanges have played a pivotal role in XRP’s trading dominance. Upbit’s $3.7 billion XRP trading volume highlights the region’s significant influence in cryptocurrency markets.
Key Insights:
Upbit: XRP accounted for 27.6% of total trading volume.
Bithumb: XRP made up 32% of trading activity.
Binance: XRP dominated with 10% of trading volume, ahead of Bitcoin’s 7.13%.
This surge reflects a broader trend of growing interest in altcoins, with XRP leading the charge in South Korea and beyond.
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