XRP Trading Volume Reaches $3.7 Billion on South Korean Exchange Upbit, Ten Times Higher Than Bitcoin

In the past 24 hours, trading volumes of XRP tokens against the Korean won reached $3.7 billion on the South Korean cryptocurrency exchange Upbit, as reported by CoinGecko data.

XRP’s trading volume represented 27.6% of Upbit’s overall trading volume, significantly surpassing Bitcoin’s trading volume of $340 million during the same timeframe.

During early Asian trading hours, XRP overtook USDT’s market capitalization to become the third largest cryptocurrency, with its price exceeding $2.50 and achieving a 70% increase over the past week.

Another prominent South Korean exchange, Bithumb, recorded $1.2 billion in XRP trading volumes within the last 24 hours, which constituted 32% of the total volume on the platform. In contrast, XRP trading volume on Binance, the world’s largest cryptocurrency exchange, accounted for 10% of the total trading volume, compared to Bitcoin’s 7.13%.

What is Driving XRP’s Surge?

XRP has risen to nearly $2.50, reaching its highest price since January 8, 2018. This nearly seven-year peak coincides with wallets holding between 1–10 million XRP accumulating 679.1 million tokens—valued at $1.66 billion—in just three weeks, according to blockchain analytics firm Santiment. Furthermore, the total number of non-empty XRP wallets has exceeded 5.5 million for the first time in the cryptocurrency’s eight-year existence, indicating increased network activity.

Source: Santiment

An analyst from Santiment noted that the current XRP rally may be nearing its conclusion, as they are witnessing elevated levels of FOMO among small retail investors. The analyst further mentioned that smaller XRP wallets that had receded during the initial rally are now re-entering the market, which is often seen as a negative indicator.

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