XRP Spot Trading Volume Explodes In Korea, What’s Going On?

XRP’s spot trading volume on Upbit has surged dramatically in the past 24 hours to put the token at the top of South Korea’s crypto trading netflows. Data from CoinGlass shows that in just 24 hours, XRP trading activity on the exchange is currently at $269.22 million, with an unusually high $161.62 million recorded in a single hour. This spike stands out when compared to global exchanges like Binance, where net flows for XRP are negative over the same period.

Upbit  XRP Trading Volume Surpasses Global Exchanges

According to current data from CoinGlass’s XRP Spot Data Analysis, XRP’s spot trading volume on Upbit is currently at $269.22 million in the past 24 hours at the time of writing, making it the highest across all major global exchanges. For comparison, Binance, often the world’s most dominant exchange by volume, recorded $226.76 million, which is significantly lower than Upbit’s XRP activity. More importantly, data from CoinGlass shows that Binance trading volume is composed of outflows, which is a stark contrast to the inflows into Upbit.

Notably, the trading volume into Upbit includes an exceptional one-hour volume of $161.62 million, a level of activity that points to far more than routine retail trading. Investor and XRP supporter Chad Steingraber commented on the trend on the social media platform X, stating, “Something is definitely going on. The 1 Hour XRP Volume on Upbit is way too much for retail all of a sudden.” 

Given the nature of the transfers into Upbit, it is likely that they are primarily selloffs. Particularly, data from CoinGlass shows a negative net XRP inflow of $103.32 million to Upbit in the past 24 hours.

South Korean Crypto Traders Are Driving XRP Activity

The intensity of XRP trading in South Korea lines up with data about the country’s deep-rooted participation in the cryptocurrency market. According to a recent survey, a majority of South Koreans aged 20 to 60 have actively engaged in crypto trading. The survey points to a population that is digitally literate and willing to engage in crypto trading.

XRP, in particular, has maintained a unique appeal within South Korea’s trading landscape. It frequently tops the list of most traded cryptocurrencies on local exchanges like Upbit, often surpassing Bitcoin and Ethereum. According to data from CoinGecko, the XRP/KRW pair is currently the most traded pair on the Upbit crypto exchange, with a 12.21% share in the past 24 hours. 

The exceptional volume of XRP trading activity on South Korea’s Upbit exchange has always been recognized as a critical factor in the token’s price behavior. According to crypto analyst XForceGlobal, who shared his views on the social media platform X, South Korean investors have played a big role in propping up the XRP price in the past few months.

At the time of writing, XRP is trading at $2.33, up by 2.3% in the past 24 hours.