XRP Trading Volume on South Korea’s Upbit Outpaces Global Exchanges
In a surprising turn of events, XRP’s trading activity on Upbit has skyrocketed, positioning it as the leader among South Korea’s cryptocurrency trading platforms. According to CoinGlass, XRP’s spot trading volume on Upbit reached an impressive $269.22 million within the last day. Remarkably, a single hour witnessed a volume of $161.62 million, emphasizing a significant deviation from typical trading patterns. This contrasts sharply with global giants like Binance, where XRP’s net flows have shown a downward trend during the same timeframe.
Upbit: A Beacon of XRP Trading Activity
CoinGlass’s latest analysis reveals that Upbit’s XRP trading volume has reached an astonishing $269.22 million over the past 24 hours. This figure surpasses that of Binance, traditionally the global leader in exchange volume, which recorded $226.76 million in the same period. Unlike Upbit, Binance’s XRP volume reflects outflows, highlighting a distinct difference in trading behavior.
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The surge in Upbit’s volume includes an extraordinary one-hour spike of $161.62 million, suggesting activities beyond ordinary retail transactions. An active member of the XRP community, Chad Steingraber, remarked on social media, “Something significant is happening. Upbit’s 1-hour XRP volume is unusually high for retail alone.”
Data indicates that the inflows to Upbit are likely driven by significant selloffs. CoinGlass points out a negative net XRP inflow of $103.32 million towards Upbit over the past day, suggesting a strategic shift in trading dynamics.
The Role of South Korean Traders in XRP’s Ascendancy
The fervent trading of XRP in South Korea aligns with the country’s strong involvement in the cryptocurrency sector. Recent surveys reveal that a substantial portion of South Koreans between 20 and 60 years old are actively participating in crypto markets, showcasing a tech-savvy population eager to explore digital currencies.
XRP has carved out a niche in South Korea’s trading ecosystem, frequently outperforming major cryptocurrencies such as Bitcoin and Ethereum on local exchanges. According to CoinGecko, the XRP/KRW trading pair has claimed a 12.21% share in Upbit’s trading activity over the past day.
The formidable volume of XRP trading on Upbit is a crucial factor influencing the token’s price trends. Crypto analyst XForceGlobal shared insights on social media, stating that South Korean traders have significantly supported XRP’s price in recent months. Currently, XRP is valued at $2.33, marking a 2.3% increase over the past 24 hours.
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