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Key Insights:
- XRP has become the top cryptocurrency on South Korea’s Upbit exchange, surpassing Bitcoin and Ethereum in daily trading volume in the latest XRP news.
- XRP’s trading volume on Upbit surged by an impressive 72%, highlighting strong local demand and investor interest.
- The XRP/KRW trading pair now accounts for 22% of Upbit’s total daily trading volume, equivalent to over $1.22 billion.
XRP news has dominated headlines with a price surge that has made it the number one cryptocurrency on Upbit. It is South Korea’s largest and most prominent cryptocurrency exchange.
In the stunning market situation, XRP is claiming a higher daily trading volume than Bitcoin and Ethereum. Likewise, it marks a significant shift in investor preferences in the Korean market.
This breakthrough occurs amid a global slowdown in the cryptocurrency market, with most major coins undergoing minor retracements. However, the trading volume of XRP in Upbit experienced an incredible 72% surge.
XRP grabbed 22% of the daily trading volume on the exchange. It converts to around $1.22 billion in transactions.
Massive XRP Trading Volume: $1.94 Billion in One Hour
What is alarming is the sheer amount of trading activity occurring on Upbit. CoinGlass reports that on July 7, 2025, within one hour, XRP amounted to a trading volume of around $1.94 billion.
The enormous trading volume at Upbit was overshadowing other large platforms. At the same time, Binance had a mere $90 million in XRP volume.
Market analysts, including XRP community senior figure Chad Steingraber and Korean Elliott Wave analyst XForceGlobal, have noted that this anomaly indicates strong regional demand and buying interest working in tandem.
XForceGlobal emphasized that approximately 20% of the circulating supply of XRP is held in the Korean spot market. It highlights the depth of penetration of this token among Korean investors.
Why is XRP Dominating Upbit and South Korea?
Among the factors that make XRP prevail on Upbit, there are:
- Local Demand: South Korean traders have consistently preferred XRP, ranking it at the top of their considerations over Bitcoin and Ethereum. The local utility and local liquidity are the two aspects that support this preference.
- Low Trading Fees and Liquidity: The XRP/KRW is one of the cheapest trading pairs to trade with, as Upbit offers trading fees of only ~0.05% when trading using KRW pairs.
- Strategic Expansion Ripple: Recent strategic activities by Ripple include obtaining a national bank charter in the United States. The Office of the Comptroller of the Currency (OCC) aims to bridge traditional finance and crypto, thereby enhancing investor confidence in XRP in the long term.
- Real-World Use: Cross-border payments and remittances via partnerships with Korean payment apps and exchanges add to this practical use, which is largely speculative.
- Safe Haven in Korea: When South Korean investors were uncertain about the political or economic situation, they turned to XRP as a haven. It contributed to an increase in XRP’s demand.
Technical, Breakthrough, and Market Impacts
The breaking of key technical resistance levels on XRP is another component where the currency has traded well above the one-dollar mark of $2.20. It has also been viewed positively by most analysts as an indication of a bull trend.
This price movement has been accompanied by increased trading volume. The open interest in XRP derivatives has surged over 9% to reach $5.15 billion. Crypto analyst Ali Charts suggested that XRP may be headed to $2.6.
Different data available out there show that XRP/KRW as a trading pair makes up anything between 22% to 27.6% of the daily volume of Upbit around late June or very early July 2025. The daily volume levels are between as little as $1.22 billion to as high as $3.7 billion.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
