XRP Surpasses Bitcoin in South Korea as Upbit Reports Record Trading Volume in 2025

XRP emerged as South Korea's most traded cryptocurrency in 2025, with Upbit reporting over $1 trillion in XRP trading volume across the year. The digital asset consistently led in daily trading volumes, often surpassing $95 million in a single day. The data highlights a shift in South Korean trading preferences toward practical use cases and liquidity over speculative gains.

The dominance of XRP was supported by its role in real-world applications such as cross-border remittances and on-chain liquidity. This practical utility attracted both retail and institutional investors. XRP also benefited from growing adoption, with Upbit's user base expanding to 13.26 million by the end of 2025, including 1.1 million new users.

Institutional interest in XRP continued in early 2026, with over $1.5 billion in inflows into XRP ETFs. This trend was notable even as the price of XRP declined by 18% over the preceding three months. Analysts observed that XRP's appeal to institutional investors is rooted in Ripple's infrastructure for cross-border payments, rather than mere market speculation.

Why Did This Happen?

XRP's success in South Korea is largely attributed to its real-world utility and strong liquidity. Upbit's data showed that XRP frequently captured 15-22% of daily trading volumes on the platform. This level of engagement reflects a broader market preference for functional digital assets.

The exchange also noted that more than 52% of XRP traders in South Korea were in their 30s and 40s, which differs from younger demographics seen in some Western markets. This suggests a more mature and utility-focused approach to crypto adoption in the region.

How Did Markets React?

Trading volume for XRP spiked on major exchanges in early January 2026. On Upbit, XRP/KRW volume increased by 156% in a single hour, reaching $8.78 million. On Binance, the XRP/USDT pair saw a 69% increase to $8.7 million within the same period.

These volume spikes indicated growing market participation and suggested a potential recovery in XRP trading interest. The increased trading activity was observed across multiple exchanges, including Coinbase, Gate.io, and Bybit, with volume ranges from $1.4 million to $3.12 million. However, XRP failed to maintain its $2.2 price level, trading at $2.02 as of January 16, 2026.

What Are Analysts Watching Next?

Analysts are closely monitoring developments in XRP's institutional adoption and regulatory clarity. The launch of XRP ETFs has attracted a new wave of capital into the asset, but questions remain about whether this interest will be sustained in the long term.

At the same time, on-chain data shows a decline in decentralized exchange (DEX) volume and stablecoin adoption on the XRP Ledger. This has raised concerns that XRP's financial appeal may not be fully supported by its real-world usage. Analysts suggest that clearer regulatory frameworks in the U.S. and U.K. could play a pivotal role in shaping XRP's trajectory in 2026.

Price projections for XRP vary widely depending on macroeconomic and regulatory conditions. A base-case scenario assumes a price range of $3-$3.50, contingent on steady ETF inflows and no major regulatory obstacles. A bull-case scenario anticipates a price range of $4-$5, dependent on strong institutional demand and Ripple's continued expansion in Asian banking corridors.

The broader crypto market trend has seen a decline in total value over the past 24 hours, with a 1.09% drop bringing the total market value to $3.23 trillion. This broader context adds uncertainty to XRP's performance, as investors remain sensitive to macroeconomic and risk appetite factors.