XRP News Today: South Korean Investors Fuel XRP Surge on Upbit’s Resurgence

Upbit’s trading volume recently rebounded, with Ethereum (ETH), XRP, and Reddi (RED) leading the rankings in terms of trading activity on the platform. According to the latest data, the exchange, which is based in South Korea, has reported a 24-hour trading volume of $4.44 billion, reflecting a notable return to liquidity following a 37% decline in the previous 30-day period. Over the past 30 days, Upbit’s total trading volume reached $177.9 billion, with an annualized figure of $2.2 trillion. This performance places Upbit as the fifth-largest exchange globally in terms of volume over the last 90 days [1].

Among the tokens driving the recent surge, XRP emerged as the most traded asset on Upbit, with a 24-hour volume of $731 million, accounting for 16.9% of the exchange’s overall trading activity. The XRP/KRW trading pair saw particularly strong demand, suggesting renewed interest in the token from South Korean investors. XRP’s dominance can be attributed to its use case in cross-border transactions, regulatory clarity in the U.S., and the anticipation of XRP-based exchange-traded funds (ETFs). In fact, Canary Capital CEO Steven McClurg noted that XRP is currently the second most popular cryptocurrency among institutional investors, trailing only Bitcoin [2].

Ethereum, while not surpassing XRP in trading volume, remains a key asset on Upbit. ETH’s performance aligns with broader institutional interest in the token, particularly due to its foundational role in decentralized finance (DeFi) and smart contract ecosystems. Analysts suggest that the recent price action of ETH is partially influenced by its role in global trading and the broader shift toward regulated crypto investment vehicles [2].

The third most traded token on Upbit, RED, also saw a significant increase in volume. While the exact figure for RED’s 24-hour trading volume is not disclosed, its inclusion in the top three suggests strong retail demand. RED’s appeal likely stems from its growing adoption in the decentralized social media space, where users are increasingly seeking tokenized incentives for content creation and platform engagement [1].

Upbit’s performance in the South Korean market is further highlighted by the Bitcoin Kimchi Premium, a phenomenon where local investors pay a premium for Bitcoin due to the won’s depreciation and political instability. This trend indicates the unique dynamics shaping local trading behavior, where retail investors often prioritize liquidity and short-term speculation over long-term holdings [1]. The exchange’s recent volume of $4.33 billion in a single 24-hour period underscores the scale of trading activity in the region and its influence on global liquidity [2].

In parallel, Upbit is also expanding its offerings to include new tokens and stablecoins, such as World Liberty Financial’s (WLFI) USD1 stablecoin, which is now listed on the Solana blockchain. This development adds to the exchange’s growing ecosystem and reinforces its position as a key player in the digital asset markets of South Korea and beyond [4].

Source:

[1] Upbit: News, Markets, and New Listings (https://messari.io/exchange/upbit)

[2] Canary Capital CEO Calls XRP Wall Street's No.2 — Upbit ... (https://coinpaper.com/10832/canary-capital-ceo-calls-xrp-wall-street-s-no-2-upbit-volume-rockets-to-4-33-b)

[3] Cryptocurrency Exchange Trading Volume - All Exchanges (https://newhedge.io/bitcoin/exchange-trading-volume)

[4] Binance, Upbit Race to List World Liberty Financial, WLFI ... (https://finance.yahoo.com/news/binance-upbit-race-list-world-093936639.html)