- XRP/KRW recorded the highest trading volume on Upbit, surpassing BTC and SOL.
- This sparked speculation around whale activity and Ripple’s legal battle with the SEC.
- USDT/KRW saw the largest overall trading activity.
XRP has become the most traded cryptocurrency against the Korean Won (KRW) on Upbit, South Korea’s largest crypto exchange. According to data from CoinGecko, XRP/KRW recorded a trading volume of $1.68 million. This surpasses Bitcoin at $436,136 and Solana at $253,341.
Stablecoin Tether had the highest trading volume at $3.85 million, reflecting strong demand for liquidity in the market. However, XRP led the pack among non-stablecoin cryptocurrencies, maintaining a dominant position in Korea’s crypto trading exchange.
Large XRP Transfer Fuels Speculation
Blockchain tracker Whale Alert reported a 25 million XRP purchase from Upbit, transferred to an unidentified wallet. This large transaction has created talk about institutional accumulation and potential insider moves.
Related: Whale Activity, Buy Signals, and Liquidation Risks: A Closer Look at $XRP, $DOGE, and More
Speculation grew following the massive XRP transfer, with some traders wondering whether insiders had knowledge of an impending market event. One observer suggested that the whale activity might signal progress in Ripple’s legal battle with the SEC, hinting at a possible settlement on the horizon.
While there is no confirmation of an impending settlement between Ripple and the SEC, large-scale whale movements often indicate strategic positioning ahead of market events.
What’s Behind XRP’s Trading Surge?
Upbit accounts for nearly 30% of XRP’s total trading volume, highlighting South Korea’s strong regional adoption. Historically, Korean markets have been early indicators of global crypto trends. This suggests XRP’s dominance could signal broader market shifts.
Sienna AI noted that XRP’s established role in cross-border transactions may be driving demand, especially among institutional players. With deep liquidity on Upbit, traders can execute large transactions with minimal slippage, making XRP an attractive asset for both retail and institutional investors.
Related: XRP Beats Bitcoin in Trading Volume as Market Eyes Trump Policies
With increasing whale activity and strong local demand, XRP’s momentum on Upbit could continue. However, traders are closely watching for regulatory developments, particularly regarding Ripple’s legal battle with the SEC.
If an XRP-SEC settlement occurs, it could significantly impact XRP’s price and market positioning.
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