Crypto
- XRP trading volume in South Korea surpasses Bitcoin and Ethereum on major exchanges.
- UpBit sees XRP accounting for 13.67% of its total volume, leading Bitcoin and Ethereum.
- The surge in XRP volumes comes amid heightened market speculation due to political developments.
XRP trading volumes on South Korea’s top crypto exchanges have surged past Bitcoin (BTC) and Ethereum (ETH), crossing $1 billion in 24 hours.
In the last 24 hours, total XRP trading volume across Upbit, Bithumb, and Korbit—the country’s leading exchanges—neared $1 billion. This signals a significant rise in XRP activity on these platforms.
XRP Volume Breakdown on Korean Exchanges
On Upbit alone, XRP accounted for $716.79 million of the $5.23 billion total trading volume, far outpacing Bitcoin’s $400.43 million. Ethereum lagged behind with only 2.51% of the total trading volume, reflecting XRP’s growing dominance among South Korean traders.
Moreover, while XRP accounted for 13.67% of UpBit’s volume, Bitcoin’s ratio was about half that. Remarkably, Ethereum, the largest altcoin, had little appeal on UpBit, with only 2.51% of the total $5.23 billion volume.
Similarly, on the Bithumb exchange, XRP posted a volume of $241.4 million, accounting for 17.73% of the exchange’s $1.3 billion 24-hour volume. In comparison, Bitcoin’s trading volume on Bithumb was just 7.68%, with a volume of $104 million. Ethereum made up only 2.31% of the total volume on this exchange as well.
Meanwhile, on Korbit exchange, Bitcoin’s volume almost matched that of XRP. XRP saw $7.7 million in volume, accounting for 25% of Korbit’s total 24-hour volume. Bitcoin had $6.76 million, making up 22% of the exchange’s volume.
Factors Driving the XRP Volume Surge
This sharp increase in XRP trading volumes on South Korean exchanges could have a major impact on the asset. Traders in South Korea are known for driving price rallies, sometimes pushing assets to euphoric price swings.
The recent surge in XRP’s trading volumes comes amid a politically charged moment in South Korea, with the country’s court issuing an arrest warrant for President Yoon Suk Yeol over his controversial decision to impose martial law in early December.
This political development has contributed to heightened market speculation, further amplifying XRP’s popularity among local traders.
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