XRP Surpasses Bitcoin and Solana to Lead Upbit‘s Korean Won Market: Here’s Why

XRP has become the most traded cryptocurrency against the Korean Won (KRW) on Upbit, South Koreas largest crypto exchange. According to data from CoinGecko, XRP/KRW recorded a trading volume of $1.68 million. This surpasses Bitcoin at $436,136 and Solana at $253,341.

Stablecoin Tether had the highest trading volume at $3.85 million, reflecting strong demand for liquidity in the market. However, XRP led the pack among non-stablecoin cryptocurrencies, maintaining a dominant position in Koreas crypto trading exchange.

Large XRP Transfer Fuels Speculation

Blockchain tracker Whale Alert reported a 25 million XRP purchase from Upbit, transferred to an unidentified wallet. This large transaction has created talk about institutional accumulation and potential insider moves.

Related: Whale Activity, Buy Signals, and Liquidation Risks: A Closer Look at $XRP, $DOGE, and More

Speculation grew following the massive XRP transfer, with some traders wondering whether insiders had knowledge of an impending market event. One observer suggested that the whale activity might signal progress in Ripples legal battle with the SEC, hinting at a possible settlement on the horizon.

While there is no confirmation of an impending settlement between Ripple and the SEC, large-scale whale movements often indicate strategic positioning ahead of market events.

What‘s Behind XRP’s Trading Surge？

Upbit accounts for nearly 30% of XRP‘s total trading volume, highlighting South Korea’s strong regional adoption. Historically, Korean markets have been early indicators of global crypto trends. This suggests XRPs dominance could signal broader market shifts.

Sienna AI noted that XRPs established role in cross-border transactions may be driving demand, especially among institutional players. With deep liquidity on Upbit, traders can execute large transactions with minimal slippage, making XRP an attractive asset for both retail and institutional investors.

Related: XRP Beats Bitcoin in Trading Volume as Market Eyes Trump Policies

With increasing whale activity and strong local demand, XRP‘s momentum on Upbit could continue. However, traders are closely watching for regulatory developments, particularly regarding Ripple’s legal battle with the SEC.

If an XRP-SEC settlement occurs, it could significantly impact XRPs price and market positioning.