XRP Surges Past Bitcoin on South Korea's Upbit Exchange
The South Korean crypto exchange Upbit reported a record-breaking $8 billion in weekly trading volume, with XRP emerging as the top-traded asset, outperforming Bitcoin. This is not an isolated event, but rather part of a larger pattern where XRP consistently tops BTC on Upbit. According to the data, XRP has held the top spot for extended stretches.
The dominance of XRP on Upbit can be attributed to several factors, including the exchange's local cash-based trading volume and Korean retail traders' direct participation in XRP/KRW pairs, bypassing dollar-based routes entirely. This is not just a one-week anomaly, but rather a structural trend that has recurred multiple times in 2025 and 2026.
On the institutional side, Ripple's partnerships with Korean banks and the launch of XRP custody services by a South Korean giant further solidify XRP's position. However, it is worth noting that the derivatives market tells a different story, with CME taking over Binance as the largest XRP futures venue by open interest.