XRP, HYPER, AKT Temporarily Top Upbit's 24-Hour Trading Volume Ranking

XRP, HYPER, and AKT temporarily topped Upbit's 24-hour trading volume ranking as of January 11, 2026. The surge in activity reflects mixed momentum in the crypto market, with XRP in particular showing signs of both institutional support and on-chain challenges. South Korean exchanges have historically played a pivotal role in shaping XRP liquidity, and the current uptick reinforces that pattern.

XRP's 2026 narrative is defined by a split between strong institutional infrastructure and a struggling on-chain ecosystem. While spot ETF inflows and corporate partnerships have tightened XRP's supply backdrop, the network's daily activity continues to decline, raising concerns about long-term utility. This divergence creates a unique investment landscape where price action may not accurately reflect the network's health.

HYPER and AKT's rising volumes signal growing interest in alternative assets. These projects have not faced the same institutional scrutiny as XRP but are gaining traction among retail and institutional traders. The performance of these tokens may indicate broader market sentiment toward innovation.

Why the Move Happened

The recent outflows from Upbit mirror a pattern seen in late 2024, when similar movements preceded a price rally in XRP. This suggests traders are moving tokens to self-custody or cold storage, aligning with a tightening supply narrative.

Whale activity has also shifted, with deposits to Binance declining steadily. This indicates large holders are moving away from distribution and potentially reaccumulating assets.

Ripple's institutional expansion in the UK and Japan has provided new infrastructure for XRP adoption. These moves aim to integrate the token into traditional finance, leveraging regulatory clarity to attract larger capital flows.

How Markets Responded

Despite institutional support, the XRP Ledger's on-chain performance is underperforming. Total Value Locked (TVL) remains at $72.76 million, a fraction of rival high-throughput chains. This weakness is compounded by a drop in decentralized exchange (DEX) volumes and active traders.

Derivatives activity has surged, with XRP open interest reaching $4.5 billion. Futures volume now dwarfs spot activity, creating a leverage-driven price discovery model. This structure increases exposure to sudden market corrections.

The RLUSD stablecoin, while growing in market cap, is predominantly used on Ethereum rather than the XRP Ledger. This raises questions about the network's ability to capture liquidity.

What Analysts Are Watching

The key question for 2026 is whether XRP's institutional adoption can translate into on-chain engagement. Partnerships like the Evernorth-Doppler collaboration aim to bring liquidity back onto the XRP Ledger, but success remains uncertain.

HYPER and AKT's performance could indicate broader investor sentiment toward the crypto space. If these tokens continue to gain traction, it may signal a shift away from XRP-centric narratives.

Analysts are also monitoring ETF inflows and outflows to gauge institutional interest. The recent $40.8 million in net outflows from XRP ETFs highlights the volatility of these products.

In the DeFi space, Mutuum Finance (MUTM) is gaining attention as it approaches its V1 protocol launch. The project has attracted over 18,700 investors and is preparing to introduce live lending and borrowing markets.

The broader financial landscape also shows mixed signals. For instance, Here Group Ltd (DRC) reported Q1 2025 revenue of CNY 127.1 million, while CVR Partners LP (UAN) announced plans to increase ammonia production and distribute $4.02 per unit.

As 2026 unfolds, investors will need to balance short-term market dynamics with long-term on-chain fundamentals to make informed decisions.