XRP Dominates Upbit Trading, Leaves Bitcoin and Ethereum Behind

XRP has emerged as the most traded cryptocurrency on South Korea’s leading exchange, Upbit, pushing Bitcoin and Ethereum to lower ranks in daily volume. According to crypto analyst Xaif, XRP recorded $166 million in trading volume on July 1, accounting for 14.37 percent of the platform’s total activity.

This development marks a significant shift in trading behavior on one of the world’s most active crypto exchanges. The fact that the XRP has managed to become the leader on the charts at Upbit shows that there has been a significant boost in demand and engagement among traders.

Historically, Bitcoin and Ethereum have been viewed as the leading currencies in world trade, but XRP overtook them as the currency of choice to South Korean investors. The sudden growth in the token’s volume speaks of a new interest in its potential market.

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Whale Accumulation and ETF Speculation Boost XRP Activity

Besides the high trading volume, the speed and timing of this uptick have raised questions about what’s driving the momentum. Substantial accumulation by large holders, often referred to as whales, has been identified as a key factor. Some wallets have collected over 11 million XRP, signaling growing interest from institutional players or wealthy investors.

Speculation around a potential XRP spot ETF has also fueled the rally. Indicatively, there have been speculations that money machines like BlackRock are involved, which will add weight to retail traders as well as professional traders.

South Korea has systematically been one of the best countries to trade in XRP. The token is popular because its transaction times are minimal, the costs are low, and Ripple maintains its operation in Asia. These factors have enabled XRP to hold well within the region, particularly cryptocurrency exchanges such as Upbit.

Moreover, the South Korean government’s clarity in regulations comforts traders who want to be active participants in the crypto market. Such an environment allows for higher quantities and quicker reactions to market speculation.

According to data published by blockchain, XRP adoption is on the rise. The number of wallets with substantial accounts has grown, and there were 5.5 million XRP wallets in total by the close of 2024.

Conclusion

XRP’s dominance on Upbit, with $166 million in trading volume and a 14.37 percent market share, reflects a major shift in South Korean crypto activity. As Bitcoin and Ethereum take a back seat, XRP’s momentum in one of the world’s most influential markets may have broader implications for its global standing.

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