Driven by intense retail activity on major Korean exchanges, XRP has recorded nearly $1 billion in 24-hour trading volume, surpassing both Bitcoin and Ethereum in the local market. Data from Kaiko indicates the South Korean Won has become a leading fiat rail for crypto, with altcoins like XRP dominating nearly 80% of exchange volume. This retail-driven spot market supremacy is not matched in derivatives, where XRP’s engagement remains more neutral.
XRP recorded close to $1 billion in 24-hour trading volume amid heightened activity on Upbit and Bithumb. This turnover surpassed both Bitcoin and Ethereum within South Korea’s retail-heavy exchanges, reaffirming XRP’s local dominance.
South Korea has evolved into a major 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.
Altcoins dominate this activity, comprising nearly 80% of volume across major exchanges. Upbit alone controls roughly 70% of the domestic market share, reinforcing high concentration.
The XRP/KRW trading pair alone frequently commands between 30% and 35% of daily turnover. Cumulative XRP trades on Upbit have exceeded $1 trillion.
At the time of writing, combined 24-hour turnover for XRP/KRW on Upbit and Bithumb was approximately $789 million. Upbit contributed $528 million, while Bithumb added $261 million.
By comparison, BTC/KRW totaled roughly $116 million and ETH/KRW reached $150 million. Average order sizes remain under $1,000, reflecting speculative micro-trading by retail participants.
This spot market dominance is not mirrored in derivatives engagement. XRP perpetual Open Interest sat near $94.7 billion, closely aligned with Bitcoin and Ethereum.
Funding rates remained neutral, with XRP at 0.0028% versus Bitcoin’s 0.0021%. The Long/Short Ratio was also balanced near 53/46 across assets.
Persistent KRW inflows position XRP as a key gauge of Korean retail sentiment. However, momentum remains concentrated in spot markets without matching leveraged conviction in derivatives.
