XRP Trading Volume Hits $3.7 Billion on South Korean Exchange Upbit, 10x More Than Bitcoin
According to data from CoinGecko, trading volumes of XRP tokens against the Korean won reached $3.7 billion on the South Korean cryptocurrency exchange Upbit in the past 24 hours, driven by the XRP frenzy.
The XRP trading volume accounted for 27.6% of Upbit’s total trading volume, significantly surpassing Bitcoin’s trading volume of $340 million during the same period.
During the early Asian trading hours, XRP surpassed USDT in terms of market capitalization and became the third largest cryptocurrency. The token’s price reached $2.50, recording a 70% gain in the past 7 days.
Another major South Korean exchange, Bithumb, witnessed $1.2 billion in XRP trading volumes in the past 24 hours, accounting for 32% of the total volume on the platform. In comparison, XRP trading volume on the world’s largest cryptocurrency exchange, Binance, remained at 10% of the total trading volume, ahead of Bitcoin’s 7.13%.
What is Driving XRP’s Surge?
XRP has surged to nearly $2.50, reaching its highest value since January 8, 2018. This nearly 7-year peak coincides with the accumulation of 679.1 million XRP tokens, worth $1.66 billion, by wallets holding 1-10 million XRP in just three weeks, as reported by blockchain analytics firm Santiment. Additionally, the total number of non-empty XRP wallets has exceeded 5.5 million for the first time in the coin’s eight-year history, indicating growing network activity.
An analyst at Santiment suggested that the current XRP rally is likely nearing its end, as they have observed high levels of fear of missing out (FOMO) among small retail investors. The analyst also noted that small XRP wallets that initially faded during the rally are now rejoining the market, which is considered a negative sign.
