The trading volume on Upbit, South Korea's largest cryptocurrency exchange, has surged by 273% over the past 24 hours, reaching approximately $1.84 billion, marking the most active day since mid-March.
Reports indicate that $XRP has become the most traded token as bitcoin's price rally attracts Korean investment.
Why Are So Many People Trading $XRP?
$XRP surpassed bitcoin, USDT, and ether, recording a trading volume of about $418.9 million on Upbit over the past 24 hours. The token also leads on the Bithumb list, where its volume rose by 132.9% to $934.9 million.
$XRP also ranked third among the most popular cryptocurrencies in South Korea, trailing only bitcoin and ether, with its price approaching $1.38 after a 20.1% daily increase and a 38.1% weekly rise.
The sharp spike in $XRP trading is driven by Bitcoin's price surge of 8.3% to approximately $78,554. Even the broader cryptocurrency market benefited from Bitcoin's rise, gaining 7.2%. Cryptopolitan reported that Bitcoin's rally is linked to the U.S. Treasury Department's expansion of its debt buyback program.
Upbit's 24-hour trading volume also grew by 273%, reaching approximately $1.84 billion.
Min Jeong from Presto Research states that Korean investors are "profit hunters" who are not tied to any specific asset and typically buy what is already appreciating.
It has only been two days, so it's too early to talk about a shift, but if the rally continues, an influx of Korean money is likely to increase. Generally, global trends attract Korean funds, which then tend to amplify the movement rather than initiate it.
How Have Korean Exchange Programs Performed in 2026?
The sharp rise of XRP stands out as Korean exchanges had been in decline until now in 2026. Cryptopolitan reported that the combined turnover of the five national won-based exchanges fell by 54.6% in the first half of the year compared to the same period last year, reaching $366.58 billion.
The operating revenue of Upbit and Bithumb in the first half of the year decreased by approximately 50%. Upbit's net profit during this period fell by 74%, and Bithumb reported a net loss.
The KOSPI index hit record highs due to the AI boom in Samsung and SK Hynix, leading Korean traders to invest more in the semiconductor industry than in cryptocurrencies. Cryptopolitan reported that some traders and investors have even shifted to KOSPI-linked products on platforms like Hyperliquid.
Jung views the current interest in cryptocurrencies as a catch-up strategy, as stocks have already risen significantly while cryptocurrencies have lagged. Investors are now looking for assets that haven't undergone such substantial changes yet.
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