Ripple's XRP has achieved a significant milestone by overtaking Bitcoin as the most traded cryptocurrency on Upbit, South Korea's largest crypto exchange. Data from CoinMarketCap reveals that XRP generated over $102 million in cumulative trading volume on Upbit, representing 10.5% of the exchange's daily total volume and surpassing Bitcoin's $96.1 million during the same period.
Ethereum (ETH) followed with $74.8 million in volume, while Redstone recorded $65.4 million. This development highlights XRP's deep liquidity on Korean platforms, particularly the XRP/KRW pair, which offers tight spreads and high volume that facilitate easy entry and exit for traders.
The shift occurs amid broader market recovery and bullish XRP price action. At press time, XRP was trading at $1.34, up 4.5% over 24 hours, with daily trading volume surging 69% to $1.98 billion. Open interest in XRP derivatives also increased sharply to over 943 million, indicating new money entering the market and traders opening fresh positions.
XRP has long maintained a dedicated community and trading culture in South Korea, partly due to its design for fast, low-cost cross-border payments through the Ripple network—a feature that resonates with South Korea's export-oriented economy. While some analysts link this adoption to real-world use cases like remittances, much of the volume remains speculative.
Beyond South Korea, XRP continues gaining institutional attention, with XRP-related ETF products amassing over $1.21 billion in cumulative inflows. Upbit itself remains central to Korea's crypto market, recording $1.08 billion in 24-hour spot trading volume with over 180 listed coins and 300 trading pairs, making it a key indicator of regional retail and trading momentum.
