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Spot trading volume of XRP Over the past 24 hours, a violent surge on Upbit has placed the token on top of South Korean cryptocurrency trading Netfrows. Data from Coinglass shows that in just 24 hours, the exchange’s XRP trading activity is currently $269.2 million, and it recorded $161.62 million in one hour. This spike stands out compared to global exchanges like Binance, with the net flow of XRP negative for the same period.
UPBIT XRP transaction volume exceeds global exchange
According to current data from Coinglass’ XRP point data analysis, XRP’s spot trading volume on UPBIT is currently at $262.2 million in the past 24 hours, making it the highest In all major global exchanges. For comparison, Binance (usually the world’s most important trading volume) recorded $226.76 million, which is significantly lower than UPBIT’s XRP activity. More importantly, data from Coinglass shows that Binance transaction volume consists of outflows, which is in sharp contrast to the inflows into UPBIT.
It is worth noting that the transaction volume to UPBIT includes $161.62 million for an hour, a level of activity far exceeding regular retail transactions. Investor and XRP backer Chad Steingraber Commented on the trend “Something has definitely happened. The 1 hour XRP volume on upbit is too much for retail,” said on social media platform X.
Given the nature of the transfer to UPBIT, they may be primarily sell-offs. In particular, data from Coinglass shows that net XRP inflows were $103.32 million in the past 24 hours.
South Korean cryptocurrency traders are driving XRP activity
The intensity of South Korea’s XRP trading is consistent with data on the country’s deep participation in the cryptocurrency market. According to a recent survey Most Koreans aged 20 to 60 are actively engaged in crypto trading. investigation Point to population Digitally literate, willing to engage in crypto trading.
XRP, especially Maintains unique appeal In the South Korean trade environment. It often lists of cryptocurrencies for most transactions in local exchanges such as UPBIT, often exceeding Bitcoin and Ethereum. According to Coingecko, the XRP/KRW pair is currently the most traded pair on Upbit Crypto Exchange, accounting for 12.21% of the share in the past 24 hours.
The outstanding volume of XRP trading activity on the South Korean UPBIT exchange has been considered a key factor in token price behavior. According to crypto analyst Xforceglobal, What he thinks of him Social media platform X, South Korean investors have played an important role in supporting XRP prices in the past few months.
At the time of writing, XRP is trading at $2.33, up 2.3% over the past 24 hours.
Featured Images from Getty Images, TradingView.com Charts
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