XRP Trading Volume Soars in South Korea, Surpassing Bitcoin and Ethereum

XRP has seen an unprecedented surge in trading activity on South Korea’s leading cryptocurrency exchanges, surpassing Bitcoin (BTC) and Ethereum (ETH) with over $1 billion in 24-hour trading volume.

The spike highlights a growing preference for XRP among South Korean traders, reshaping the dynamics of the local crypto market.

On Upbit, the largest of these exchanges, XRP trading volume reached $716.79 million, dominating 13.67% of the platform’s total $5.23 billion volume. Bitcoin followed with $400.43 million, while Ethereum trailed with a modest 2.51% share, indicating XRP’s clear advantage in trading interest.

Bithumb also reflected this trend, where XRP recorded $241.4 million in trading volume, accounting for 17.73% of the exchange’s $1.3 billion total. In contrast, Bitcoin and Ethereum lagged significantly, contributing just 7.68% and 2.31%, respectively. Korbit displayed a slightly more balanced competition, with XRP’s $7.7 million in trading volume edging out Bitcoin’s $6.76 million.

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The dramatic rise in XRP’s trading activity is linked to a mix of market dynamics and external factors. South Korean traders, known for driving volatile price movements, have shown a renewed focus on XRP.

The activity coincides with heightened political tensions in the country, as the issuance of an arrest warrant for President Yoon Suk Yeol over martial law decisions has created an environment ripe for speculation. This backdrop has further fueled interest in XRP, cementing its position as a favorite among South Korean crypto enthusiasts.

Alexander Stefanov