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XRP Trading volume at South Korea's largest crypto exchange Upbit soared 273%
In the past 24 hours, trading volume at South Korea's largest cryptocurrency exchange Upbit surged 273% to approximately US$1.84 billion, the highest single-day trading volume since mid-March. According to reports, XRP is the most traded token, and the rise in Bitcoin prices has prompted South Korean funds to enter from the sidelines.
Why are so many people trading XRP?
XRP's transaction volume on Upbit has surpassed Bitcoin, USDT and Ethereum, recording approximately $418.9 million in the past 24 hours. The token also led the Bithumb exchange's trading volume rankings, with trading volume soaring 132.9% to US$934.9 million. XRP ranks third among South Korea's most visited cryptocurrencies, behind Bitcoin and Ethereum. Its price rose 20.1% on the day to close to US$1.38, with a weekly gain of 38.1%.
The sudden surge in XRP trading volume stems from an 8.3% increase in Bitcoin prices to approximately US$78,554. The entire cryptocurrency market also benefited from the rise in Bitcoin, which rose by 7.2%. There are reports that Bitcoin's rise is related to the U.S. Treasury Department's expansion of debt repurchase program. Upbit's transaction volume has also increased by 273% in the past 24 hours to approximately $1.84 billion.
Min Jung of Presto Research said South Korean investors are "rushers" who are not loyal to any particular asset and usually only buy varieties that have already risen. With only two days in the past, it is too early to judge a shift in the trend, but if the rally continues, more South Korean funds may flow in. Typically, global trends attract South Korean money, which then amplifies the trend rather than triggering it.
How will the Korea Stock Exchange perform in 2026?
The surge in XRP trading volume is particularly prominent because of the overall sluggish performance of the Korea Exchange so far in 2026. It is reported that the total transaction volume of South Korea's five won trading platforms in the first half of the year fell 54.6% year-on-year to US$366.58 billion. Upbit and Bithumb's operating income fell by about 50% in the first half of the year. Upbit's net income fell 74% during the period, while Bithumb fell into a net loss.
South Korean traders are more inclined to invest money in the semiconductor industry than cryptocurrencies as the artificial intelligence boom has pushed Samsung and SK Hynix shares to record highs, and South Korea's KOSPI index has also set a record. There are reports that some traders and investors are even turning to KOSPI-related products on platforms such as Hyperliquid. Jung believes that the current interest in cryptocurrencies is a catch-up strategy, as stocks have risen sharply while cryptocurrencies lag relatively. Investors are now looking for assets that have not yet risen significantly.
