Canary Capital CEO Calls XRP Wall Street’s No.2 — Upbit Volume Rockets to $4.33B

XRP Surpasses Ethereum in Wall Street Popularity, Says Canary Capital CEO

XRP is rapidly solidifying its position among institutional investors, with Wall Street showing stronger preference for it over Ethereum, according to Canary Capital CEO Steven McClurg. 

In a recent interview, McClurg revealed that XRP is currently the second most popular cryptocurrency among financial institutions, ranking just behind Bitcoin but ahead of Ethereum, despite ETH being the second-largest altcoin by market capitalization.

McClurg’s remarks highlight a shifting dynamic in institutional crypto adoption. While Ethereum has long been viewed as the leading altcoin due to its dominant role in decentralized finance (DeFi) and smart contracts, XRP appears to be capturing broader interest from traditional finance. 

This surge in popularity is partly attributed to XRP’s utility in cross-border payments, its regulatory clarity in the U.S. following Ripple’s partial legal victory against the SEC, and the anticipation of exchange-traded funds (ETFs) tied to the token.

The Canary Capital CEO Steven projects that XRP ETFs could draw up to $5 billion in first-month inflows, surpassing Ethereum funds and underscoring growing institutional confidence in XRP as a settlement asset and SWIFT alternative.

The prediction arrives at a time when demand for crypto ETFs is expanding. Bitcoin spot ETFs, approved earlier last year, have already generated billions in inflows from pension funds, asset managers, and retail investors seeking regulated exposure to the crypto market.

Analysts believe XRP could replicate or even outperform that trajectory, given its lower transaction costs, faster settlement times, and growing global use cases.

XRP Dominates Trading on Korea’s Largest Exchange as Upbit Hits $4.33B in 24 Hours

According to market analyst Xaif Crypto, South Korea’s largest cryptocurrency exchange, Upbit, has recorded a massive $4.33 billion in trading volume within the last 24 hours, underscoring the country’s growing influence in global digital asset markets.

The surge highlights Korea’s active retail trading culture and the increasing demand for high-liquidity crypto assets.

Leading the charge was XRP, paired against the Korean won (XRP/KRW), which accounted for 16.9% of total trading activity, about $731 million. This dominance solidifies XRP’s stronghold among Korean traders, who have long favored it for its liquidity, relatively low transaction costs, and the perception of stability compared to other altcoins.

XRP’s prominence on Upbit is notable in the broader global context. While Bitcoin and Ethereum typically dominate Western exchanges, Korean traders often gravitate toward assets that combine speed, affordability, and speculative upside. This has consistently made XRP one of the top-traded cryptocurrencies in Korea.

Xaif Crypto points out that XRP’s position as the number one traded asset on Upbit may also reflect shifting sentiment as traders look beyond Bitcoin’s dominance for short-term opportunities. 

With XRP’s relatively lower price per token, it appeals to retail investors seeking exposure to potential price swings without the higher entry costs of BTC or ETH.

Overall, Upbit’s $4.33 billion trading milestone, with XRP commanding nearly a fifth of that activity, showcases the unique dynamics of Korea’s crypto market. It also underscores the fact that regional exchanges and investor preferences can significantly shape global liquidity flows and asset popularity.

Conclusion

Upbit’s $4.33 billion daily turnover, with XRP capturing $731 million, underscores both the token’s dominance in South Korea and the nation’s outsized influence on global crypto trends. 

As regulations tighten and narratives shift, XRP’s resilience on Korea’s largest exchange signals not just sustained investor demand but also how regional market preferences could shape the next wave of digital asset adoption worldwide.

Meanwhile, Canary Capital CEO’s projection highlights XRP’s evolution from a niche asset to a serious contender for mainstream finance. Should XRP ETFs attract the inflows he anticipates, Wall Street’s growing preference could accelerate adoption beyond crypto, challenge Ethereum’s dominance, and reshape investor portfolios. 

The next few months will be decisive in proving whether institutional enthusiasm translates into lasting capital inflows, a potential turning point for the future of digital assets.