Amid heightened activity on Upbit and Bithumb, XRP recorded close to $1 billion in 24-hour trading volume.
Notably, this turnover surpassed both Bitcoin and Ethereum within local markets. In doing so, XRP reaffirmed its dominance across Korea’s retail-heavy exchanges.
South Korea has evolved into a retail liquidity hub, driven largely by fiat-denominated altcoin speculation. According to Kaiko data, KRW trading volume reached $1.1 trillion in 2024, surpassing domestic equity indices.
Thereafter, $663 billion recorded by mid-2025 sustained Korea’s global ranking. KRW now rivals USD as a leading fiat rail for crypto flows.
Altcoins dominate activity, comprising nearly 80% of volume across major exchanges. Upbit alone controls roughly 69-70% of the domestic share, reinforcing market concentration.
Meanwhile, XRP/KRW pairs frequently command approximately 30-35% of daily turnover. Cumulative Ripple [XRP] trades on Upbit have exceeded $1 trillion.
Premium pricing further shapes flows, with local valuations trading 2-10% above global levels. As retail demand intensifies, Korea’s liquidity footprint continues to influence broader altcoin price dynamics.
XRP has established clear volume dominance across South Korea’s retail-driven exchanges. At the time of writing, on Upbit and Bithumb, XRP/KRW recorded approximately $789 million in combined 24-hour turnover.
Notably, Upbit contributed $528 million, capturing a 32% share. Meanwhile, Bithumb added $261 million, holding 28.27%.
By comparison, BTC/KRW totaled roughly $116 million, while ETH/KRW reached $150 million. Thus, XRP is outpacing Bitcoin [BTC] and Ethereum [ETH]. At peak sessions, XRP volume approached $1.2 billion amid volatility spikes.
Retail participation drives this supremacy, with altcoins comprising 80% of major exchange flows. Average Order Sizes remain under $1,000, reflecting speculative micro-trading. Thereafter, regulatory clarity and ETF narratives amplified liquidity.
Altogether, persistent KRW inflows position XRP as Korea’s retail sentiment gauge.
Derivatives and spot markets reveal a clear structural divergence across XRP activity. In Korea, spot markets dominate, driven by retail flows through fiat on-ramps. By contrast, derivatives expansion remains constrained under local leverage restrictions.
At press time, XRP perpetual Open Interest sat near $94.7 billion. Meanwhile, Bitcoin edged slightly higher at $95 billion, while Ethereum aligned near $94.7 billion.
Despite XRP’s Spot Dominance, Derivatives Engagement does not mirror this strength. Funding Rates remained neutral — XRP at 0.0028% versus Bitcoin’s 0.0021% and Ethereum’s 0.0015%.
Similarly, Long/Short Ratio balance near 53/46 across assets. Thereafter, offshore ETF speculation adds limited futures momentum. Yet retail spot demand continues outpacing leveraged flows.
Altogether, Korea amplifies XRP sentiment more through cash markets than derivatives positioning.
