Upbit Drives Dramatic XRP Rally: South Korea Steals the Crypto Spotlight

Following in the footsteps of Bitcoin, the price of XRP experienced a significant rally with the price of the token jumping from $2.60 to $3.00.

You might think that this rally was driven by a major crypto exchange like Binance or Coinbase, But this time it was Seoul who took the lead to take control over the fate of one of the market's oldest altcoins.

Analyst Dom highlighted that the surge came from a massive influx of buy orders from the spot markets, with 70% of the orders coming exclusively from Upbit.

In comparison, Coinbase only accounted from 11%, Kraken accounted for 9%, while Binance was standing at the sidelines.

According to CoinGecko data, XRP's trading volume on Upbit approached $500 million in 24 hours, even surpassing that of Bitcoin and Ethereum on the platform, demonstrating the magnitude of the phenomenon.

Contrary to the idea of a global rally, XRP's rally this time showed that even the smaller markets like those of the South Korean market could also drive a significant movement in the market.

Dom explained that this is a natural evolution of the way crypto flows

"I'm not saying it's good or bad, it's just the market. Sometimes one market attracts more attention than another."

The Roots of South Korea’s XRP Obsession

This exceptional rally is not an isolated incident. Nearly 15% of the South Korean population—or over 7 million people—are registered on local exchanges, according to Bloomberg.

The majority of these are young retail investors who often express that they “missed out” on early Bitcoin gains.

XRP, with its perceived affordability and history of sharp price swings, has become a favored choice.

South Korean exchanges—and Upbit in particular—have previously sparked impressive rallies in various altcoins, but the scale and focus seen with XRP signals a renewed fervor amidst improving market sentiment.

While speculation always plays a role in such dramatic moves, the current wave of XRP buying is also being fueled by real ecosystem advancements, including the integration of USDC on the XRP Ledger, as well as increased technical activity on the network.

The recently rumoured of a forthcoming spot XRP ETF have stoked investor excitement, with the potential for institutional inflows if an ETF is approved.

The lawsuit between Ripple and The SEC also appears to be concluding, with Ripple Labs recently announcing the withdrawal of its appeal.

This move brings regulatory clarity that’s highly valued by risk-conscious investors in South Korea.