XRP Trading Catapults on Upbit with $3.2 Billion Volume

South Korea’s leading crypto exchange Upbit recorded a $3.2 billion trading volume on July 20. The XRP/KRW pair represented 15.15% of this activity.

The massive trading spike on Upbit emphasizes South Korea’s pivotal role in XRP’s liquidity, raising questions about possible institutional activities.

XRP’s $269.22M Day on Upbit Stuns Analysts

XRP’s trading volume soared on Upbit, reaching an astounding $269.22 million in just 24 hours. Market analysts noted that the unexpected rise underscores South Korea’s influence in the cryptocurrency sphere. Chad Steingraber, an XRP proponent, observed that the current inflows significantly exceed typical retail involvement, hinting at potential large-scale investors. Steingraber commented, noting that global outflows might counterbalance these Korean inflows, limiting the impact on XRP’s global price.

Global outflows are counterbalancing Korean inflows. This ongoing imbalance limits the potential XRP price surge many expected from such localized demand.

Global outflows are counterbalancing Korean inflows. This ongoing imbalance limits the potential XRP price surge many expected from such localized demand.

South Korea’s Role in XRP Price Volatility

Did you know? In 2017, the “Kimchi Premium” phenomenon saw Bitcoin priced 50% higher in Korea than globally, marking another instance of South Korea significantly impacting crypto markets.

According to CoinMarketCap, XRP’s current price is $3.41, with a market cap of $201.99 billion. The recent 24-hour trading hit $6.17 billion, a decrease of 58.23%. Over 90 days, XRP’s value surged 61.23%, evidencing significant volatility.

The Coincu research team points out that similar periods of high trading volumes often prelude regulatory announcements or strategic shifts, particularly in markets like South Korea. This has prompted investors to watch closely for further developments.