Upbit’s Trading Volume Surges 28% in 24 Hours

Upbit’s trading volume surged by 28.2% within 24 hours, reaching $13.39 billion, driven by the XRP/KRW pair, dominating the Korean won market.

This volume increase underscores Upbit’s impact on Korean cryptocurrency markets, reflecting potential price movements for involved tokens and enhancing market liquidity.

Surge in Upbit’s Trading as XRP Dominates

Upbit’s trading volume soared in the past 24 hours, totaling $13.39 billion. The surge was principally driven by the XRP/KRW trading pair, which represented 10.38% of the total volume. The last four traded tokens were 0G, BTC (Bitcoin), ZKP, and CPOOL. This spike aligns with pre-listing activities for YB/BTC and YB/USDT pairs on December 26.

The significant change involves the increased trading activity of XRP, especially in KRW markets. This shift could signal broader interest in Korean financial systems interacting with DeFi and privacy-focused assets. The impact is further echoed by the targeted trading restrictions Upbit employs to handle potential volatility during such upticks.

Market reactions remain muted, with no comments from Upbit leadership, including CEO Lee Jeung-hwan. Regulatory bodies have not released statements regarding this development, and there is a distinct lack of input from top financial commentators or social media influencers.

Market Silence Despite Historical Trends and Data

Did you know? Historically, Upbit’s listing announcements often cause short-term spikes in retail-driven KRW trading activity, leading to rapid price discoveries.

XRP currently trades at $1.87 with a market cap of $113.42 billion, reflecting a 0.31% price increase over the past 24 hours per CoinMarketCap data. Despite a 35.56% increase in 24-hour trading volume, XRP’s price has seen longer-term decreases of 13.60% over 30 days.

The Coincu research team notes that the ongoing trends in DeFi and privacy-focused cryptocurrencies position platforms like Upbit favorably in Korean markets. “Systemic trading volume increases can influence XRP’s market positions if coupled with regulatory advancements in digital asset frameworks,” they indicate. Detailed analysis of these shifts can be found in studies examining XRP’s pricing dynamics during volume spikes.