XRP has emerged as the dominant cryptocurrency in Upbit’s Korean won trading pairs, recording higher 24-hour volume than market leaders Bitcoin and Ethereum. Recent data shows XRP/KRW accounted for 20.88% of Upbit’s overall trading activity, which totaled $20.62 billion.
Bitcoin, Ethereum, Layer (X1), and Tether trailed XRP in trading volume on Korea’s largest exchange. This unusual market structure highlights significant regional investor preference for XRP within South Korea’s crypto ecosystem compared to global trends.
The dominance underscores Upbit’s pivotal role in providing liquidity and trading infrastructure for Korean cryptocurrency investors. As the country’s primary exchange platform, Upbit continues to influence price discovery and market efficiency for digital assets traded against the Korean won.
This volume distribution signals strong retail and institutional interest in XRP within the Korean market, positioning the cryptocurrency as a key benchmark for regional crypto-economic activity despite broader market conditions.