South Korean traders are now driving more XRP liquidity than their American counterparts. Recent market data shows Upbit's daily turnover for the Ripple-linked token reached $224.22 million, surpassing Coinbase's $173.38 million.
Upbit's $224 million eclipse of Coinbase
Upbit has emerged as a dominant force in the global XRP market, recording $224.22 million in daily turnover. This figure significantly outpaces the $173.38 million recorded by the American exchange Coinbase, according to the report. While Binance continues to lead the global spot market with $306.13 million, the surge in South Korean activity has turned Seoul into a critical hub for the Ripple-associated token.
The intensity of this regional interest is visible within the Upbit exchange itself. The XRP/KRW trading pair on Upbit now accounts for 15.57% of the plaform's total activity, allowing the token to surpass both Bitcoin and Tether in local liquidity . Such concentration suggests that South Korean retail capital is effectively dictating the asset's immediate momentum.
The South Korean ban on crypto futures
South Korea's regulatory environment is playing a mechanical role in this volume spike. Because local authorities strictly prohibit the trading of leveraged crypto futures, retail investors are unable to engage in short-selling. This restriction forces traders to seek volatility exclusively through the spot market, where XRP's low transaction fees and high speed make it a preferred tool for rapid scalping.
Economic stagnation in South Korea is further accelerating the migration of capital toward digital assets. The national KOSPI stock index has been trapped in a narrow range, failing to provide meaningful returns for local investors.. As a result, many middle-aged investors are liquidating their traditional stock portfolios to seek higher volatility in the cryptocurrency market.
KOSPI stagnation and the migration to altcoins
A distinct divergence is forming between the trading behaviors of Asian and American investors. In the United States, institutional liquidity is primarily flowing into regulated Bitcoin and Ethereum products,leaving a significant gap in the retail market for altcoins. The report notes that this vacuum is being filled by South Korean retail traders ,who have pushed Upbit's weekly XRP volume toward $1.71 billion.
The struggle to break the $1.50 price ceiling
XRP's price has remained largely stagnant between $1.44 and $1.50 despite the massive turnover. This lack of upward movement raises questions about the sustainability of the current trend. It remains unclear whether the high volume represents long-term accumulation by new holders or if it is merely the result of short-term speculative cycles.
Market participants are also watching for signs of volume exhaustion following recent spikes . Some exchanges have reported a daily decline in trading activity, which could indicate that the retail frenzy in Seoul is reaching a temporary peak. Whether the asset can break its current price stagnation remains the primary unanswered question for the market.
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