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Upbit, South Korea's largest cryptocurrency exchange, announced a weekly trading volume of 11.2 trillion won, approximately $8 billion, marking a 6.74% increase from the previous week. XRP emerged as the most actively traded asset on the platform, surpassing Bitcoin in retail trading activity.
During the reported week, the trading hierarchy on Upbit ranked XRP first, followed by Bitcoin and USDT. Notably, XRP/KRW trading pairs have consistently outperformed BTC/KRW in both daily and weekly rankings, as Korean traders prefer to engage in won-denominated transactions rather than using dollar-based stablecoins.
XRP has shown significant trading activity, particularly during periods of heightened market engagement, with Upbit experiencing trading volumes that soared over 270%, reaching single-day figures as high as $3.81 billion. Upbit, operated by Dunamu, maintains a strong lead over its closest competitor, Bithumb, and has a historical user base of over 12 million registered participants.
The trading data from Upbit highlights the robust local demand for XRP in South Korea, which may contribute to price stability and reduced volatility. This trend is particularly noteworthy as XRP, despite not being among the top two cryptocurrencies by market capitalization globally, frequently competes with Bitcoin for trading volume on one of Asia's busiest exchanges.
Source: KLEA News