Ripple-backed coin $XRP has achieved a key milestone, particularly on Upbit, the leading crypto exchange in South Korea. The move comes as $XRP trades bullish, following ongoing crypto market price recovery.
$XRP outpaces Bitcoin on Upbit
$XRP is currently seeing increased activity on the Upbit exchange, outpacing even Bitcoin (BTC), the biggest cryptocurrency.
Data from CoinMarketCap showed that $XRP flipped Bitcoin to become the most traded asset by volume on Upbit.
At press time, Upbit reported that $XRP generated over $102 million in cumulative trading volume on its platform, making it the top-traded digital asset. This represents 10.5% of daily total exchange volume.
Thus, $XRP outperformed Bitcoin, which recorded $96.1 million worth of trading volume within the same period. Ethereum (ETH) and Redstone followed by $74.8 million and $65.4 million, respectively.
It is important to note that $XRP has long had deep liquidity on Upbit and other Korean platforms. The $XRP/KRW pair offers tight spreads and high volume, making it easy for traders to enter and exit positions quickly.
Moreover, $XRP has built a dedicated community and trading culture in Korea over the years. Some analysts link it to real-world use cases like remittances or settlements, though much of the volume remains speculative.
The cryptocurrency is designed for fast, low-cost cross-border payments through the Ripple network. This resonates in South Korea, a major export-oriented economy with a focus on international trade.
$XRP performance across markets
Beyond South Korea, $XRP has continued to gain attention on the spot exchange-traded fund (ETF) market. $XRP-related ETF products have amassed over $1.21 billion in cumulative inflows, suggesting increased participation from institutional players.
Currently, the $XRP price is trading at $1.34, up 4.5% over the past 24 hours. The $XRP market looks bullish, supported by some key technical indicators.
For instance, the daily trading volume increased by more than 69% to $1.98 billion. Additionally, open interest (OI) recently increased sharply, reaching over 943 million. This indicates that new money is entering the $XRP derivatives market, and traders are opening fresh positions.
Meanwhile, funding rates turned negative, creating a domino effect that could send the price skyrocketing.
