XRP Surges as Most Traded Cryptocurrency Against Korean Won (KRW) on Upbit

XRP has become the most traded cryptocurrency against the Korean Won (KRW) on Upbit, South Korea's largest crypto exchange.

Cryptocurrency XRP has emerged as the most traded digital asset against the Korean Won (KRW) on Upbit, South Korea’s largest crypto exchange.

Data from CoinGecko shows that XRP/KRW clocked a trading volume of $1.68 million over the past 24 hours at the time of writing. This easily outpaced Bitcoin, which stood at $436,136, and Solana, which recorded $253,341.

Stablecoin Tether had the highest trading volume at $3.85 million, reflecting strong demand for liquidity in the market. However, XRP led the pack among non-stablecoin cryptocurrencies, maintaining a dominant position in Korea’s crypto exchange.

Large XRP Transfer Fuels Speculation

Blockchain tracker Whale Alert reported a 25 million XRP purchase from Upbit, which was then transferred to an unidentified wallet. This large transaction has sparked speculation about institutional accumulation and potential insider moves.

Speculation grew following the massive XRP transfer, with some traders speculating whether insiders had knowledge of an impending market event. One observer suggested that the whale activity might signal progress in Ripple’s legal battle with the SEC, hinting at a possible settlement on the horizon.

While there is no confirmation of an impending settlement between Ripple and the SEC, large-scale whale movements often indicate strategic positioning ahead of market events.

What’s Behind XRP’s Trading Surge?

Upbit accounts for nearly 30% of XRP’s total trading volume, highlighting South Korea’s strong regional adoption. Historically, Korean markets have been early indicators of global crypto trends. This suggests XRP’s dominance could signal broader market shifts.

Sienna AI noted that XRP’s established role in cross-border transactions may be driving demand, especially among institutional players. With deep liquidity on Upbit, traders can execute large transactions with minimal slippage, making XRP an attractive asset for both retail and institutional investors.

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With increasing whale activity and strong local demand, XRP’s momentum on Upbit could continue. However, traders are closely watching for regulatory developments, particularly regarding Ripple’s legal battle with the SEC.

If an XRP-SEC settlement occurs, it could significantly impact XRP’s price and market positioning.