XRP Overtakes Bitcoin in Korea, Records 2x More Trade Volume

XRP overtakes Bitcoin in volume across Korea, recording over $650 million in 24-hour volume on Korea’s top exchanges, about 2.3x more than BTC volume.

The XRP market has witnessed an impressive resurgence, outperforming the rest of the crypto market by a mile. While the entire crypto market (TOTAL) has increased 11.7% over the last week, XRP has spiked by an impressive 31% within the same period.

Interestingly, market data suggests that this upsurge is largely driven by growing interest, especially in South Korea. XRP has taken up a huge chunk of the overall trading activity in Korea, dominating in the country’s top exchanges.

XRP Overtakes Bitcoin in Korea

Notably, Bitcoin (BTC), the largest crypto asset, has a trade volume of $203.57 million on Upbit, Korea’s largest exchange. The premier crypto asset’s total trading volume across the top 5 exchanges in Korea amounts to $282 million. 

Meanwhile, XRP boasts an impressive trade volume of $526.8 million on Upbit alone. This suggests that XRP’s trade volume on just Upbit surpasses Bitcoin’s trade volume across Korea’s top 5 exchanges. XRP singlehandedly commands 30.19% of all the trade volume on Upbit. Bitcoin only sees 11.56% dominance.

Further, XRP has witnessed a total of $650.3 million on the top 5 Korean exchanges, over 2.3x Bitcoin’s figure. These exchanges include Upbit, Bithumb, Coinone, GOPAX and Korbit, Korea’s largest exchanges by trade volume.

The last time XRP overtook Bitcoin by this margin across the Korean market was last July. At the time, XRP skyrocketed to a 1.5-year peak of $0.93 on the back of the favorable ruling in the SEC lawsuit.

Increased Global Volume Amid Exchange Withdrawals

In a similar trend, XRP is currently witnessing its biggest solo run since last July. Globally, XRP has also observed a renewal of trade volume as market participants troop into the scene. Yesterday, XRP’s trade volume stood at a massive $3.8 billion, the largest since April 13.

Further data shows that global trade volume has increased 19% over the past 24 hours to $3.9 billion. This figure marks a new high over the past three months. 

Elsewhere, Coinglass confirms that XRP is also witnessing a bullish trend in terms of exchange flows. The top exchanges have seen net outflows involving XRP in the last 24 hours. Binance leads with $13.5 million in net outflows, while OKX follows with $7.83 million. Only Coinbase is recording net inflows, with the figure standing at $4.46 million.

Meanwhile, XRP has hit a roadblock on its solo run following a retest of a two-month high at $0.6369 this morning. The crypto asset has dropped 6.42% today, but maintains a positive trend over the past week. Also, XRP has gained 23% this month.