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XRP South Korea's Upbit's trading volume reached 1.15 trillion won in one hour after its crypto flash crash
On August 22, after the cryptocurrency market experienced a severe flash crash, Upbit recorded a trading volume of 1.15 trillion won (approximately US$830 million) in one hour. The trading peak occurred around 05:00 UTC, and major cryptocurrencies suffered a heavy setback. XRP and TRUMP led the gains, with trading volume on South Korea's major cryptocurrency exchanges surging.
XRP and TRUMP lead Upbit trading
According to data from the Upbit Data Laboratory, XRP accounted for 32.20% of Upbit's 24-hour trading volume, TRUMP followed closely with 10.93%, and USDT ranked third with 8.39%. Ethereum and Bitcoin ranked among the top five with 5.44% and 5.40% respectively. At the same time, Upbit's 24-hour transaction volume reached approximately $3.818 billion. The surge in trading volume during the hour came after a massive sell-off in the market at 05:00 UTC. The prices of major assets fell rapidly and then entered a range of violent fluctuations.
This trend has prompted traders to turn to XRP and TRUMP, which account for the largest share of Upbit's trading activity. It is worth noting that the exchange's daily trading volume had climbed the previous day.
Upbit trading volume surged 273% in a single day
On August 21, Upbit's daily trading volume surged 273% to approximately US$1.84 billion, setting the exchange's highest daily trading volume since mid-March. XRP ranked first again, with trading volume reaching US$418.9 million that day. Bitcoin, USDT and Ethereum followed closely, becoming the most traded assets. Bithumb also recorded more active trading on August 21, with its daily trading volume rising 132.9% to approximately $934.9 million.
This growth momentum continued until August 22, with trading volume rising on South Korea's major exchanges. Bithumb recorded $1.954 billion, while Coinone reached $172 million.
Trading activity on South Korea's exchanges improves significantly
The latest data comes after South Korea's cryptocurrency market experienced months of trading downturn. During this period, as the KOSPI index hit a record high, the domestic stock market attracted more attention. The rise in the KOSPI index was driven by demand for AI-related semiconductor stocks. However, both Upbit and Bithumb reported a nearly 50% decline in operating income in the first half of 2026.
The flash crash on August 22 brought stronger trading volume to Upbit, with XRP and TRUMP accounting for a large share. The exchange's trading volume during this hour reached 1.15 trillion won.
