The recent price surge of XRP, which pushed the token above the $3 mark, has been largely fueled by intense trading activity in South Korea, particularly on Upbit—one of the country’s leading cryptocurrency exchanges.
According to crypto analyst Dom, on July 12, net buying pressure of over 45 million XRP in the spot market propelled the token’s price from $2.60 to $3.00. Upbit alone accounted for 70% of this volume—about 32 million XRP. Other major exchanges like Coinbase, Kraken, and Bitstamp contributed significantly less, with respective shares of 11%, 9%, and 6%. Notably, Binance, typically a key player in spot market movements, recorded negative net volume, highlighting the localized nature of this price rally.
Data from CoinGecko supports this observation, showing that XRP trading volume on Upbit reached nearly $500 million over the past 24 hours—surpassing both Bitcoin and Ethereum trading volumes on the platform. This trend underscores the growing dominance of South Korean retail investors in driving price action for altcoins like XRP.
South Korea is currently one of the fastest-growing crypto markets globally, with over 7 million people—around 15% of the population—registered on domestic exchanges. After missing out on the early gains of Bitcoin, many Korean investors have turned to alternative cryptocurrencies such as XRP, which now represents a significant portion of the country’s crypto trading volume.
While some voices in the crypto community have expressed concerns about the sustainability of retail-driven rallies, Dom suggests that such dynamics reflect the evolving nature of regional markets. “It’s not necessarily good or bad—it’s just a market dynamic, where one region may exhibit significantly more interest than others at a given time,” he explained.
In parallel with increased investor attention, the XRP ecosystem has also seen significant development. The XRP Ledger has recently integrated several upgrades and new products, including the USDC stablecoin. Speculation about a potential XRP exchange-traded fund (ETF) continues to circulate, while the long-standing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) appears to be nearing resolution following Ripple’s decision to withdraw its appeal.
These factors, coupled with the current bullish sentiment in the broader market, have contributed to XRP’s sustained upward trajectory in recent weeks.
