XRP Surpasses Bitcoin as Most Traded Crypto on Upbit
XRP has emerged as the most traded cryptocurrency against the Korean Won on Upbit, surpassing Bitcoin and Solana. A massive 25 million XRP transfer has fueled speculation about institutional accumulation and market shifts.
Outlines:
- XRP Overtakes Bitcoin as the Most Traded Crypto on Upbit
- Whale Moves 25 Million XRP—Is Institutional Accumulation Underway?
- South Korea’s Crypto Market Signals Strong Demand for XRP
- Ripple vs. SEC: Could a Settlement Be on the Horizon?
- Why XRP’s Dominance on Upbit Could Indicate a Broader Market Shift
On Upbit, South Korea’s largest cryptocurrency exchange, XRP has surpassed the Korean Won (KRW) in terms of trading volume. According to CoinGecko, XRP/KRW had a trading volume of $1.68 million. This outperforms Bitcoin at $436,136 and Solana at $253,341.
Stablecoin Tether had the greatest trading volume at $3.85 million, indicating a considerable demand for liquidity in the market. However, XRP led the pack among non-stablecoin cryptocurrencies, keeping a dominating position on Korea’s crypto trading platform.
Massive XRP Transfer Sparks Market Speculation
Blockchain tracker Whale Alert reported a 25 million XRP purchase from Upbit, which was transferred to an anonymous wallet. This significant transaction has sparked discussions about institutional accumulation and potential insider movements.
Following the big XRP transfer, some traders speculated that insiders knew about an imminent market event. One observer speculated that the whale activity could indicate progress in Ripple’s legal battle with the SEC, implying a possible settlement on the horizon.
While there is no proof of an expected settlement between Ripple and the SEC, large-scale whale movements frequently signal deliberate positioning ahead of market developments.
The Driving Forces Behind XRP’s Trading Surge
Upbit accounts for approximately 30% of all XRP trading volume, demonstrating South Korea’s strong regional acceptance. Historically, Korean markets have served as early indications of global cryptocurrency developments. This shows that XRP’s dominance may herald bigger market developments.
Sienna AI suggested that XRP’s established role in cross-border transactions may be increasing demand, particularly among institutional investors. Upbit’s significant liquidity enables traders to complete huge deals with minimum slippage, making XRP an appealing asset for both retail and institutional investors.
With increased whale activity and strong local demand, XRP’s rise on Upbit may continue. However, traders are constantly monitoring regulatory developments, particularly Ripple’s legal struggle with the SEC.
If an XRP-SEC settlement occurs, it might have a substantial impact on XRP’s price and market position.
Investors should closely monitor XRP’s growing dominance in South Korea’s crypto market, as its rising trading volume and whale activity suggest strong institutional interest. The large XRP transfer highlights potential strategic accumulation, which could indicate future price movements. However, regulatory uncertainties, particularly Ripple’s ongoing case with the SEC, remain key factors to watch. If a settlement occurs, it could significantly impact XRP’s value and adoption. Investors should stay informed, conduct thorough research, and consider market trends before making decisions. Diversification and risk management remain crucial in the volatile crypto market, ensuring balanced exposure amid potential shifts in XRP’s trajectory.
