XRP Surges to Top Spot on Upbit Amid Record Trading Volume

South Korea's cryptocurrency market is thriving, according to recent data from Upbit, the country's dominant exchange. In the most recent reporting week, Upbit recorded a weekly trading volume of 11.2 trillion won, equivalent to approximately $8 billion. This represents a notable increase of 6.74% compared to the previous week.

XRP emerged as the top traded asset on Upbit during this period, surpassing Bitcoin in trading activity for the first time since last year. XRP/KRW pairs have consistently outpaced BTC/KRW in daily and weekly rankings due to Korean traders directly dealing with won-denominated pairs rather than routing through dollar-based stablecoins.

Notably, XRP has dominated volume spikes during periods of heightened activity, including recent daily peaks where Upbit's trading volumes soared over 270%. In one instance, a single-day figure reached as high as $3.81 billion. This strong local demand for XRP/KRW may support price floors and reduce volatility in ways not immediately visible on Western exchanges.