XRP Trading Volumes Hit $2.5B on South Korean Exchange UpBit
The trading volume of XRP against the Korean won was the highest among all other counterparts .
of XRP tokens against the Korean won hit $2.5 billion on South Korean exchange UpBit in the past 24 hours, the highest among counterparts, in a sign of speculative frenzy.
This was more than 50% of the total trading volumes on UpBit in that period. Data shows market depth stood at nearly $5 million as of Asian morning hours, suggesting ample liquidity for the tokens as a $5 million buy or sell order would move the tokens only 2% on the exchange. Such liquidity is usually under $1 million, historical data shows.
The surge came as a U.S. court . XRP rose as much as 96% following the court order before giving back gains on Friday morning.
Bitcoin (BTC) and ether (ETH) usually account for the majority of the trading activity on UpBit, which makes the XRP volume surge an anomaly. Overall, ten South Korean exchanges turned billions of dollars worth of XRP - contributing to a significant part of the $13 billion in volumes across global exchanges.
Crypto exchange Binance, in comparison, traded a relatively lesser $2.2 million, CoinGecko data shows.
In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens. The so-called Kimchi Premium originates from the region – where prices of bitcoin on local exchanges can trade at a premium of as much as 30% compared to international counterparts, driven by local demand.
However, some of that volume may be attributable to wash trading, a manipulative technique where traders continually buy and sell the same asset to drive up volumes in order to create a false impression of market activity.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
LUNA Declines by 0.14% as Market Downturn Persists
- LUNA fell 0.14% on Nov 30 2025, extending its 82.52% annual decline amid crypto market weakness and structural shifts. - DTCC's tokenized collateral platform announcement highlights growing institutional blockchain adoption, though unrelated to LUNA's price action. - Tether's Uruguay exit due to energy costs and regulatory hurdles underscores operational challenges facing energy-intensive crypto projects. - Alt5 Sigma's leadership turmoil reflects governance risks in crypto firms, amplifying volatility c

Bitcoin Updates: Metaplanet Secures $130 Million Loan to Acquire Bitcoin, Pursuing 1% Supply Goal Despite Market Slump
- Metaplanet borrows $130M to buy Bitcoin , using BTC as collateral amid market downturn. - Funds will expand BTC holdings to 1% of total supply by 2027, mirroring Strategy’s approach. - Loan terms include floating rates and early repayment, with $2.7B BTC reserves as collateral. - Company also raises $135M via preferred shares, as Japan firms push crypto adoption. - Leaders remain bullish on long-term BTC value despite 20% unrealized losses and market volatility.
This Is the Moment: 5 Altcoins Ready for Massive Gains as the Golden Cross Signals Liftoff

This Is the Moment: 5 Memecoins Ready for Massive Gains as this month comes to an end

