XRP News Today: XRP Surpasses BTC, ETH on Upbit with 16.04% Volume Share as Gemini Expands Derivatives Utility

XRP’s recent performance in South Korea has solidified its position as a liquidity leader on Upbit, where it accounted for 16.04% of the exchange’s daily trading volume on July 28, translating to approximately $558 million out of $3.52 billion in total 24-hour turnover [1]. This marked a significant milestone, as XRP surpassed Bitcoin (BTC) and Ethereum (ETH) in dominance on the platform. The surge was driven by a combination of domestic retail activity and institutional demand, with single-day XRP volumes on Upbit reaching up to $95 million in early July, primarily from local traders [1]. The cryptocurrency’s appeal in South Korea is further amplified by its utility in cross-border transactions and remittance applications, aligning with the country’s regulatory environment and demand for efficient settlement solutions [1].

The “Kimchi Premium” effect—characterized by price disparities between KRW- and USD-denominated markets—has also contributed to XRP’s traction. South Korea’s capital controls and appetite for tokens with low-cost, high-speed transfers have positioned XRP as a preferred asset for arbitrage and fintech integrations. Partnerships with local platforms such as Toss and KakaoPay, alongside Coinone’s cross-border solutions, underscore XRP’s real-world adoption in a market prioritizing practical functionality [1].

Meanwhile, Gemini’s expansion of XRP’s utility has added a new dimension to its appeal. The exchange now permits XRP, along with Shiba Inu (SHIB), Bitcoin Cash (BCH), Solana (SOL), and Dogecoin (DOGE), as cross collateral for derivatives trading. This update allows users to leverage these tokens—instead of solely BTC, ETH, or stablecoins—to meet margin requirements for perpetual futures denominated in Gemini Dollars (GUSD) [1]. For example, a portfolio containing 10 XRP, 1 SOL, and 1,000 DOGE could provide approximately $440 in cross-collateral value, enabling traders to fund leveraged positions without liquidating holdings. Gemini’s move enhances capital efficiency and reflects its strategy to diversify derivatives offerings while maintaining compliance in regulated markets [1].

XRP’s dual momentum in South Korea and on Gemini highlights its evolving role as both a speculative and functional asset. In the Korean market, its dominance is underpinned by retail momentum, arbitrage opportunities, and institutional confidence post-U.S. regulatory developments. On Gemini, the integration into derivatives trading expands XRP’s utility for risk management and portfolio optimization. Together, these developments signal a convergence of retail speculation, institutional adoption, and real-world infrastructure, reinforcing XRP’s position as a liquidity and utility asset in critical markets.

Source: [1] XRP Soars in South Korea with 16.04% Upbit Share as Gemini Expands Utility (https://coinmarketcap.com/community/articles/68888b2dca4a8022a19505e2/)