XRP trading volume on Upbit, a major South Korean exchange, has gone absolutely bonkers. Let’s dive into what’s happening.
Upbit’s XRP Volume Skyrockets
In just 24 hours, Upbit saw a mind-blowing $269.22 million in XRP trading volume. Even crazier? A single hour saw a whopping $161.62 million traded! This dwarfs other major exchanges like Binance, which saw significantly less volume and actually had negative net flow for XRP during the same period.
Why the Huge Uptick?
This massive surge isn’t your typical retail trading. Even XRP supporter Chad Steingraber noted on X (formerly Twitter) that the hourly volume was “way too much for retail.” While the influx of XRP into Upbit is significant, data shows a negative net inflow of $103.32 million over 24 hours, suggesting a lot of selling activity.
South Korea’s Crypto Craze
South Korea’s crypto scene is huge. Surveys show a large percentage of the population actively trades crypto, and XRP is particularly popular. It consistently ranks among the top traded assets on Upbit, often outperforming Bitcoin and Ethereum. Right now, the XRP/KRW pair is the most traded on Upbit, accounting for 12.21% of the exchange’s 24-hour volume.
Impact on XRP Price
This massive South Korean trading activity has a noticeable effect on XRP’s price. Analyst XForceGlobal points out that South Korean investors have been a major factor in supporting XRP’s price in recent months. At the time of writing, XRP is trading at $2.33, up 2.3% in the last 24 hours.
In short, something big is happening with XRP in South Korea. While the exact reasons remain unclear, the sheer volume of trading is undeniable and is likely influencing the global price of XRP.