XRP Leads Trading Volume on South Korea’s Upbit Exchange
- XRP led Upbit spot volume with $145.6 million on Oct. 15, surpassing BTC at $126.5 million.
- On Oct. 16, XRP maintained the top position with $108.3 million traded, while its price was around $1.34.
- South Korea’s Financial Intelligence Unit blocked access to 27 offshore exchanges, pushing more traders toward Upbit.
- The XRP/KRW pair accounted for approximately 11.74% of Upbit’s volume, compared to BTC/KRW at about 10.20% and ETH/KRW at around ETH at roughly $92 million.
- Large XRP holders moved approximately $1.67 billion tokens to Binance, marking a seven-month high in whale inflows.
The shift in trading volume towards XRP on Upbit reflects South Korean traders’ interest amid regulatory changes affecting offshore exchanges like Kucoin and MEXC, leading to increased local activity on the platform.
Despite global whale movements transferring large amounts of XRP to exchanges such as Binance, South Korean retail traders continue to trade XRP heavily compared to Bitcoin and Ethereum on Upbit (Source).
