TLDR
XRP (XRP) recently surpassed Bitcoin (BTC) and Ethereum (ETH) in 24 hour trading volume on South Korean exchange Upbit, reflecting a sharp local rotation into XRP.
- On Upbit, XRPs 24h volume has topped BTC and ETH, but this is a Korean exchange specific phenomenon and not yet a global volume shift.
- The move is driven by Korean retail and growing institutional narratives around XRP, from ETFs to tokenized assets, reinforced by recent regulatory milestones.
- For crypto users, the key is whether this local XRP dominance spreads to other venues or unwinds if leveraged positions and macro risks trigger a broader correction.
Deep Dive
1. Local Volume Spike On Upbit
Reporting from TradingView shows XRP overtook Bitcoin and Ethereum in 24 hour trading volume on Upbit, with about $52.33 million in XRP traded versus $42.14 million for BTC and $24.30 million for ETH, roughly 10 percent of the exchanges daily volume. Upbit also reports XRP was its largest asset by cumulative trading volume in 2025, exceeding $1 trillion and surpassing Bitcoins total on the platform, underlining a long running local preference for XRP on this venue.
However, the same coverage notes that global XRP trading volume is just over $1.7 billion, which is still smaller than BTCs worldwide activity, so this is primarily a Korean exchange story rather than a broad CEX market regime change yet.
Treat XRP volume tops BTC ETH as Upbit specific leadership, not proof that XRP is now the deepest asset across all centralized exchanges.
2. Why Korea Loves XRP Right Now
Analysts cited in the Upbit piece attribute the surge to Korean retail investors in their 40s and 50s reallocating from equities into crypto, with XRP as a main target, and estimate that about 15 percent of global XRP volume now comes from South Korea.XRP overtook BTC and ETH by 24h volume on Upbit
At the same time, XRP is enjoying a broader institutional narrative: Ripple has secured a MiCA CASP license in the EU, enabling regulated services across the bloc, and spot XRP ETFs have seen sustained net inflows with net assets above $1 billion.Ripple secured a MiCA license with ongoing XRP ETF inflows
Separately, XRP Ledger has become one of the leading tokenization networks, with around $4 billion in tokenized real world assets and hundreds of products live, which reinforces the idea of XRP as more than just a speculative trade.XRPL tokenized assets reached about $4 billion
3. Risks And What To Watch Next
Despite strong volumes, analysis from market observers warns that unliquidated long positions dominate BTC, ETH, XRP and SOL, meaning a relatively small price drop could trigger forced liquidations and amplify selling pressure.Analysts warned about excess longs in XRP and other majors
Going forward, useful signals include whether XRP keeps leading volumes on Upbit over multiple weeks, whether other Asian or global CEXs show a similar rotation, and whether ETF flows and tokenization activity continue to grow without being offset by leverage flushes.
Strong localized spot volume is a sign of concentrated interest, but it also raises fragility if that interest is heavily leveraged or confined to one region.
Conclusion
XRPs recent dominance over BTC and ETH volumes on Upbit highlights how regional flows and narratives can temporarily reshape market leadership without yet overturning global liquidity patterns. If Korean demand, ETF inflows and XRPL tokenization continue to build and spread across venues, XRP could gain a more durable share of CEX activity, but excess leverage and macro shocks remain key risks that could quickly reverse the move.
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