South Korea Drives 22% of Global XRP Trading Volume, Price Hits High of $2.96

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XRP Surges to $2.96 with 22% Volume Coming from South Korea
  • South Korea contributes about 22.39% of XRP’s 24-hour trading volume globally.
  • The XRP-KRW pair traded over 484 million XRP within a single 24-hour period.
  • Analysts view this signal as a continued strong interest from South Korea’s crypto market.

XRP’s recent price rally has reignited trading momentum, with South Korea emerging as a key market driver. In his X post, analyst Egrag Crypto stated that nearly 22% of trading volume was coming from South Korea. The Korean Won (KRW) emerged as the second-largest fiat currency, with the lead taken over by Tether (USDT, signalling the continued strong interest in XRP from one of Asia’s most active crypto markets.

XRP-KRW Trading Volume Surpasses Expectations

According to the figures, XRP’s 24-hour global trading volume reached 2.1641 billion XRP, with the XRP-KRW pair contributing about 484.46 million XRP, which represented  22.39% of total trading volume. Meanwhile, Tether’s stablecoin accounted for 34.96% or 756.66 million XRP global trading volume while other fiat and crypto currencies such as USD, EUR, and BTC contributed smaller shares.

This strong contribution highlights the country’s significance in global cryptocurrency markets. Further, the nation has been a leading player in digital asset trading, supported by strong retail participation and an active exchange ecosystem. Moreover, XRP has consistently been among the most traded assets in the region, sometimes ranking above Bitcoin and Ethereum. Sharing his opinion, analyst Zoe stated that with the contribution from one of the most influential crypto markets, the development of strong global interest is highlighted. 

Related: Altcoin Rally Begins as ADA, XRP Surge After BTC’s ATH

Upbit Leads XRP Volume Surge

The Upbit exchange has emerged as the global leader in XRP spot trading market, accounting for nearly half of the total trading volume within a one-hour window. According to data from Coinglass, the XRP/KRW trading on Upbit reached $2.08 billion in volume in the last 24 hours, representing 324% of the global XRP volume over that period. In contrast, Binance recorded $1.79 billion in XRP/USDT trades, with other exchanges trailing behind.

Furthermore, Upbit recorded a net inflow of $571 million over the past day, suggesting a surge in deposits likely aimed at profit-taking after recent price gains, while Binance saw a net inflow of $21 million. As of press time, XRP is trading at a four-month high of $2.77, after briefly hitting $2.96 earlier today. 

Related: New Bills in South Korea Propose Capital Requirements for Stablecoin Issuers

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