XRP Dominates South Korean Trading Volumes, Outpacing Bitcoin and Ethereum in Market Frenzy

Move over, Bitcoin—South Korea's traders are placing their bets elsewhere. XRP has surged to the top of the trading charts, leaving the usual crypto giants in its wake. This isn't just a blip; it's a statement of intent from one of Asia's most vibrant digital asset markets.

The Underdog Takes the Lead

Forget the established hierarchy. The data doesn't lie: trading activity for XRP has eclipsed that of both Bitcoin and Ethereum on major South Korean exchanges. This surge points to a localized frenzy, a wave of speculation and strategic positioning that's rewriting the rulebook—at least for now. It's the kind of move that makes traditional finance analysts clutch their pearls and mutter about 'irrational exuberance.'

A Regional Power Play

This isn't about global adoption; it's a concentrated burst of energy in a specific, tech-savvy corridor. South Korea's unique crypto ecosystem, with its infamous 'Kimchi Premium' and retail trader dominance, often operates by its own rules. When a single asset captures the imagination here, volumes can explode in ways that defy broader market trends. It's a reminder that in crypto, all politics—and finance—is local.

What's fueling the run? Speculation ranges from regulatory optimism to cross-border payment narratives, the kind of stories that thrive in bull markets. Meanwhile, the old guards of BTC and ETH watch from the sidelines, a temporary but humbling shift for assets used to being the main event. It proves that in the chase for the next big thing, even the most established tokens aren't safe from being upstaged.

The takeaway? Market leadership is fluid. Today's top dog can be tomorrow's afterthought, especially in a region known for its passionate and volatile trading floors. One day it's decentralized finance, the next it's meme coins—chasing trends is a full-time job with worse benefits than most hedge funds. XRP's South Korean surge is a powerful reminder: in crypto, the crowd is fickle, and the money moves fast.

Upbit records over $1T in 2025 XRP trading volume

Dunamu, the operator of Upbit, previously listed XRP as the platform’s most-traded asset for 2025, ranking it ahead of Bitcoin and ETH. Upbit processed over $1 trillion in XRP trading volume, surpassing Bitcoin and ethereum to become the country’s most traded crypto asset for that year. 

The Upbit team says XRP occupies a “sweet spot” for South Korean investors because it exhibits sufficient volatility to generate significant short-term returns while maintaining enough liquidity to allow traders to exit positions quickly. 

Upbit also reported that XRP reached 13.26 million users, accounting for up to 22% of daily local trading at times. The exchange’s activity accounts for approximately 70% of South Korea’s crypto market, and XRP dominates locally in terms of volume, liquidity, and usage. 

Meanwhile, Upbit’s review also ranked XRP/KRW as the top trading pair for much of 2025. CoinGlass data supports this pattern, showing that the XRP/KRW market on Upbit surged by 156% in a single hour. Other major exchanges, including Gate, Bybit, Coinbase, and OKX, also saw notable spikes in one-hour XRP trading volumes. The volumes range from $1.4 million to $3.12 million.

On the other hand, Upbit has also disclosed that XRP’s daily volume in South Korea regularly exceeds $95 million and has repeatedly surpassed Bitcoin’s 24-hour trading volume. The Flow is driven by local retail engagement, creating a deep self-reinforcing liquidity pool. 

XRP’s price drops 4.5% in 24 hours following a 38% short rally

XRP price has dropped by 4.5% to $1.46 over the past 24 hours, a significant turnaround from the brief 38% rally to $1.55 from February 6 to February 15. The performance places the digital asset way ahead of bitcoin and Ethereum, which gained approximately 15% since February 6. BTC and ETH are currently trading at $68,263 and $1,957, respectively. BTC has lost 3% over the past 24 hours, while ETH has plummeted 6.4% over the same period.

Meanwhile, CryptoQuant data indicates that Binance XRP reserves dropped sharply by 192.37 million to ~2.55 billion between February 7 and February 9. The 7% slip marked the lowest level since 2024, although holdings have remained stable since then. XRP’s Bitcoin-beating rally tracks signs of dip-buying on Binance following the February 6 crash.

On the other hand, market analysts typically associate a drop in exchange balances with investor accumulation. The logic is that investors prefer to take direct custody of tokens rather than keep them on exchanges when intending to hold them long-term. Historical trends reinforce this view.

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