Upbit Dethrones Coinbase as Top XRP Exchange

Upbit's XRP spot trading volume surpassed Coinbase's in a recent market comparison. On September 24, blockchain outlet U.Today cited a CoinGlass market heatmap showing Upbit's daily XRP turnover at $224.22 million, outperforming Coinbase's $173.38 million. Binance recorded the highest XRP spot trading volume among exchanges with $306.13 million.

XRP/KRW accounted for 15.57% of Upbit's overall trading activity, indicating higher liquidity than bitcoin and tether on the exchange. However, industry officials caution that exchange-by-exchange volumes can vary depending on measurement time and methodology, and Upbit topping Coinbase alone does not conclude that South Korea's market is larger than the U.S. or determines global XRP price formation.

South Korean retail investors are said to be driving active XRP trading due to difficulties in using leveraged products like crypto futures on locally regulated exchanges, leading to a higher share of spot trading. Low fees and fast transaction speed also support short-term trading. In the U.S., institutional money is concentrating in regulated bitcoin and ether products, while XRP attracts high interest among East Asian retail investors.