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ZEC $1,150 XRP tops Upbit spot volume as price slides
XRP led won spot trading on South Korea's largest exchange for a second day, even as its price drifted lower.
Key takeaways
- XRP led on Upbit. XRP's 24-hour Upbit volume was $108.3 million, ahead of bitcoin's $95.3 million and ether's $62.7 million.
- The lead held. U.Today reported XRP at over $145.6 million on October 15, ahead of bitcoin's $126.5 million and ether's $92.1 million.
- Price moved the other way. XRP closed at $1.42 on Oct. 11 and touched an intraday low of $1.29 on Oct. 15.
What happened
XRP held the top spot for spot trading volume on Upbit, South Korea's largest crypto exchange, in snapshots taken more than seven hours apart. Bitcoin.com News reported that at 04:36 UTC Upbit market data still had XRP first with $108.3 million in 24-hour volume, against $95.3 million for bitcoin and $62.7 million for ether.
U.Today reported a similar pattern for October 15, when XRP's spot volume against the South Korean won reached over $145.6 million. Bitcoin recorded $126.5 million and Ethereum $92.1 million on the same day, and U.Today said XRP extended its lead for a second consecutive day on October 16.
The volume lead came as XRP's price drifted lower. Bitcoin.com News reported that XRP closed at $1.42 on Oct. 11, touched an intraday low of $1.29 on Oct. 15 and recovered to a range around $1.34. Upbit's XRP price converted to about $1.34, while XRP traded near $1.336 on Binance, a gap of roughly 0.3%.
First $1.52Latest $1.31-13.8% over the period
Points are daily observations, not closing prices.
Why it matters
Bitcoin.com News said the small gap between Upbit and Binance prices means the move looks more like a rotation than a mania, with Korean traders moving money into XRP rather than bidding it up at any price. Heavy volume on a falling price can mean accumulation or holders exiting, and the report said the order books do not say which.
The Korean activity sits next to a different global picture. Bitcoin.com News reported that XRP whales moved 1.67 billion tokens to Binance, a seven-month high for whale inflows, while U.S. XRP ETFs saw net flows of minus $104,510 on $24.79 million in trading volume. ETF holders were sitting on a $230 million paper loss, and Evernorth, a Nasdaq-listed XRP treasury, was in the red on its recent $214 million buy.
Market analysts told U.Today that strong demand for XRP on Korea's largest exchange could affect its broader market value and drive a further rally in its price, citing Upbit trading data as a useful indicator of local investor activity.
Background
Ripple has had a busy month in South Korea. Bitcoin.com News tracked an institutional custody and tokenization partnership with Meritz Securities among several moves in Ripple's Korean expansion, which the report said now runs from remittances to government bonds. Meritz is also eyeing tokenized deals on Canton.
The local market structure is also shifting. South Korea's Financial Intelligence Unit blocked access to 27 offshore exchanges, including Kucoin and MEXC, earlier in the week, according to Bitcoin.com News.
Questions readers ask
Did XRP really trade more than bitcoin and ether in South Korea?
Yes, on Upbit. Bitcoin.com News reported XRP at $108.3 million in 24-hour volume, against $95.3 million for bitcoin and $62.7 million for ether. U.Today reported XRP at over $145.6 million on October 15, ahead of bitcoin's $126.5 million and ether's $92.1 million.
Why is XRP volume high in South Korea while its price falls?
Bitcoin.com News said the small Upbit-to-Binance price gap of roughly 0.3% points to a rotation rather than a mania. The report said heavy volume on a falling price can mean accumulation or holders exiting, and the order books do not say which.
What is the kimchi premium and does it apply to XRP now?
The kimchi premium is a markup on coins trading on local won exchanges compared with global venues. Bitcoin.com News reported there is not much of one here, with Upbit's XRP at about $1.34 and Binance near $1.336, a gap of roughly 0.3%.
What else is happening with XRP globally?
Bitcoin.com News reported XRP whales moved 1.67 billion tokens to Binance, a seven-month high for whale inflows. U.S. XRP ETFs saw net flows of minus $104,510 on $24.79 million in trading volume, and ETF holders were sitting on a $230 million paper loss.
