XRP Trading on Upbit Overtakes Coinbase as South Korean Demand Stands Out

In Brief:

• Upbit recorded $224.22 million in XRP spot turnover, exceeding Coinbase’s $173.38 million, while Binance led with $306.13 million in trades.
• XRP’s won pair represented 15.57% of Upbit activity, while weekly turnover approached $1.71 billion during the token’s rally there.
• Despite strong Korean trading, easing daily volume and Binance’s larger market caution against claiming Seoul controls XRP’s global price formation.

South Korea’s Upbit recorded more XRP spot trading than Coinbase, putting its won market near the center of the token’s latest rally. According to CoinGlass, Upbit handled $224.22 million in daily XRP trades, compared with Coinbase’s $173.38 million.

Binance remained the largest XRP spot venue in that comparison, with $306.13 million in turnover. Nevertheless, Upbit’s lead over Coinbase shows how much trading activity has gathered around the XRP/KRW pair, which lets investors trade XRP directly against the Korean won.

XRP/KRW accounted for 15.57% of all activity on Upbit, placing it ahead of Bitcoin and Tether on the exchange. That share makes XRP a significant part of Upbit’s market, even though trading volumes can change quickly as prices move.

The comparison gives the rally a clearer regional picture, as XRP gained roughly 14% to 15% over the week while trading between $1.44 and $1.50. Meanwhile, daily exchange volume began to ease, suggesting that the pace of trading did not rise throughout the advance.

Source: Coinglass

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XRP’s Won Pair Gives Korean Traders a Major Spot Market

Upbit’s XRP/KRW market allows traders to enter and exit positions without first converting won into another cryptocurrency. As a result, heavy activity in that pair can give South Korean trading a visible place in global XRP volume comparisons.  XRP’s weekly turnover on Upbit near $1.71 billion and recorded $23.71 million in net spot volume during one hour of Korean trading.

However, turnover alone cannot show why traders placed their orders or whether they expect XRP to rise further. Every completed trade has a buyer and a seller, so high volume does not automatically mean new capital entered the asset.

Nor does Upbit’s lead over Coinbase establish that Seoul determines XRP’s global price. Binance handled more XRP spot volume in the same comparison, and traders can respond to price changes across exchanges.

The exchange figures show a substantial Korean market for XRP and a clear lead over Coinbase. Whether that lead persists will depend on how trading develops across Upbit, Binance, and other major venues.

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