- XRP volume on Upbit hits $1.94B in just one hour.
- Korean investors drive massive XRP inflows, raising speculation across crypto markets.
- Analysts track unusual XRP trading behavior as volume and netflows skyrocket.
XRP saw an extraordinary rise in trading volume on South Korean exchange Upbit, recording nearly $2 billion within a single hour. As of 2:51 PM UTC, data from Coinglass confirmed a $1.94 billion XRP volume on Upbit, far outpacing all other global exchanges.
XRP community member and game designer Chad Steingraber first pointed out this sharp increase in trading activity. Binance, the biggest exchange by volume, only registered $90 million during the same period, showing a significant gap in activity.
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Besides the volume spike, analyst Zach Rector highlighted that XRP witnessed $720 million in netflows to Upbit within one hour, as of 3 PM UTC. He tagged Steingraber and Elliott Wave analyst XForceGlobal to examine the unusual pattern further.
XForceGlobal later confirmed that XRP has maintained high dominance across Korean trading platforms and estimated that nearly 20% of its total circulating supply is being held in the Korean spot market.
Upbit (Korean Exchange) XRP Volume is going absolutely bezerk!! 🙀🙀
$1.94Billion within the current hour, the next closest is Binance at $90Million in volume. https://t.co/4TK3p4hiaf pic.twitter.com/OKbewpeAAt
— Chad Steingraber (@ChadSteingraber) July 7, 2025
Chad Steingraber later updated that the netflows did not stop at $720 million. By 3:29 PM UTC, they had increased to $1.58 billion. Even though these inflows slowed down afterwards, Upbit continued to see elevated figures.
At 5:23 PM UTC, XRP still posted $156.84 million in 1-hour net inflows, while other platforms like Binance recorded outflows.
Heavy Korean Trading Activity Sparks Market Reactions
The significant netflows have raised questions about how much capital is moving into XRP and whether it reflects a true shift in demand. Zach Rector wrote about a valuation multiplier effect, according to which capital inflows lead to an increase in market cap.
His calculations also indicated that a 235x multiplier was an 18-million-dollar inflow that earlier in the day pushed the XRP market cap by 4.27 billion dollars.
However, not every inflow on exchanges directly increases the market cap. Although under some circumstances, this $1.58 billion inflow into Upbit could have moved the value of XRP much higher, the market earned only $4 billion in terms of the total cap.
The price of XRP reached a high of 2.35 dollars before briefly retracing to 2.26 as of this time. Although the retreat was experienced, XRP now has a price of above 2.25 dollars, which reverses it to hold as support.
Analysts and the rest of the community have noted the close to 2 billion-dollar increase in XRP volume on UpBit.
Although the entire motive of the inflow is not evident, the activity is echoing increasing interest and potential positioning by Korean investors. This has placed the situation in a situation where traders are keeping a close eye on whether this will cause further movement in prices.
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