- XRP hit a four-month high of $2.77; South Korea accounts for 22% of global trading volume.
- Upbit exchange leads with $2.08 billion in daily XRP trading and recorded $571 million in net inflows.
- After Tether dominated the market, the Korean Won became the second-largest fiat currency for XRP trading.
XRP has experienced a significant price rally, reaching a four-month high of $2.77 after briefly touching $2.96 during Friday’s trading session. South Korea has emerged as a crucial market driver behind this momentum, with Korean Won (KRW) trading pairs accounting for nearly 22% of global XRP volume.
According to analyst Egrag Crypto’s recent analysis, XRP’s 24-hour global trading volume reached 2.1641 billion XRP tokens. The XRP-KRW pair contributed approximately 484.46 million XRP, representing 22.39% of total trading activity. This places Korean Won as the second-largest fiat currency for XRP trading, trailing only behind Tether (USDT), which dominated with 34.96% or 756.66 million XRP in global volume.
Korean Market Dominance in Cryptocurrency Trading
South Korea is one of Asia’s most active cryptocurrency markets. The nation benefits from strong retail participation and a robust exchange ecosystem that consistently drives substantial trading volumes. XRP frequently ranks among the most traded digital assets in the region, sometimes surpassing Bitcoin and Ethereum in daily volume.
The strong Korean presence in XRP trading reflects the country’s broader influence in global cryptocurrency markets. Retail investors in South Korea have shown particular interest in XRP, contributing to sustained trading momentum across multiple exchanges.
Upbit Exchange Leads Global XRP Volume
Upbit, South Korea’s leading cryptocurrency exchange, has captured nearly half of global XRP spot trading volume within recent one-hour windows. Data from Coinglass reveals that XRP/KRW trading on Upbit reached $2.08 billion in 24-hour volume, representing 324% of global XRP activity during that period.
During the same timeframe, Binance, the world’s largest cryptocurrency exchange, recorded $1.79 billion in XRP/USDT trades. Other major exchanges reported significantly lower volumes, highlighting Upbit’s dominance in XRP trading.
The surge in trading activity has coincided with substantial fund flows into exchanges. Upbit recorded net inflows of $571 million over the past day, suggesting investors are depositing funds to capitalize on recent price gains. Binance experienced more modest net inflows of $21 million during the same period.
XRP’s current price of $2.77 represents a substantial recovery from recent lows. The token briefly reached $2.96 earlier in the trading session, marking its highest level in four months. This price action has attracted significant attention from both retail and institutional investors.
The concentration of trading volume in South Korea demonstrates the market’s regional dynamics. Korean exchanges play a pivotal role in XRP price discovery, with Upbit’s substantial volume providing crucial liquidity for global markets.
Analyst Zoe noted that contributions from influential crypto markets like South Korea highlight the development of strong global interest in XRP. This geographic diversification of trading activity suggests broader market participation beyond traditional Western exchanges.
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