$1T XRP trades on Upbit – Are Korean traders ignoring Bitcoin, Ethereum?

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.

Altcoin rotation drives XRP volume leadership

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.

Spot dominance outpaces derivatives participation

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.

Final Thoughts

• XRP’s dominance in South Korea is retail-driven, with KRW spot inflows, altcoin rotation, and micro-sized trades propelling volumes above Bitcoin and Ethereum.
• However, momentum remains concentrated in spot markets, as muted derivatives participation signals sentiment strength without matching leveraged conviction.