Upbit Surpasses Coinbase in XRP Trading Volume as Korean Turnover Tops $224 Million
South Korea’s Upbit recorded $224.22 million in XRP spot trading during the comparison period, exceeding Coinbase’s $173.38 million, while Binance remained ahead of both exchanges with $306.13 million, according to CoinGlass market data.
Upbit’s reported XRP turnover was $50.84 million higher than Coinbase’s, giving the South Korean exchange roughly 29% more trading volume than the U.S. platform. The figures point to substantial XRP activity on Upbit, although they represent individual exchange volumes rather than the total market activity of either country.
Binance’s higher turnover also shows that significant XRP trading was taking place across multiple venues. Upbit’s $224.22 million represented about 73% of Binance’s reported $306.13 million turnover among the three exchanges highlighted.
Trading volume, however, should not be interpreted as a direct measure of new money entering XRP. The figures represent completed trades, meaning repeated buying and selling can produce high turnover without showing whether traders are increasing their net holdings.
Upbit’s weekly XRP turnover also approached $1.71 billion, providing a broader view of activity on the platform beyond the daily comparison. While the figure indicates substantial trading, it does not by itself show whether traders accumulated or reduced their XRP positions.
XRP Accounts for 15.57% of Upbit Trading Activity
XRP also represented 15.57% of Upbit’s total trading activity through the XRP/KRW pair during the period. That means XRP accounted for approximately one-sixth of the exchange’s reported turnover, placing it among the platform’s most actively traded assets.
The elevated activity came after XRP posted a weekly gain of roughly 14% to 15%. During the period discussed, the token traded within a range of about $1.44 to $1.50, while daily trading volume declined as its price movement became more limited.
The narrower range and lower daily volume do not establish whether XRP was preparing for a breakout or further consolidation. Likewise, elevated turnover alone cannot confirm sustained buying pressure or determine why traders were active in the market.
The available exchange figures also do not demonstrate that Korean investors were shifting capital from stocks into XRP or that trading activity in Seoul determines the token’s global price. Such conclusions would require broader data covering additional exchanges, market flows and price movements.
Exchange turnover also differs from order-book depth. Trading volume records transactions that have already taken place, while order-book depth measures the buy and sell orders available in the market.
Taken together, the figures show substantial XRP trading activity on Upbit, with the exchange recording higher reported turnover than Coinbase in the comparison. Binance nevertheless posted the largest figure among the three highlighted venues, while XRP maintained a significant share of overall activity on Upbit.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.