Bitcoin (BTC) and Ethereum (ETH) all surpassed... XRP (Ripple) ranks 1st in Upbit trading volume

▲ XRP/ChatGPT generated image

XRP (Ripple) has surpassed Bitcoin (BTC) and Ethereum (ETH) to claim the top spot in trading volume on Upbit, Korea's largest cryptocurrency exchange. With a 24-hour trading volume of $52.33 million, accounting for approximately 10% of Upbit's total transactions, the strong demand for XRP trading among Korean investors has once again come to the forefront.

According to the crypto media outlet The Crypto Basic on July 6 (local time), Upbit's total 24-hour trading volume recently recorded $493.74 million. XRP's trading volume was $52.33 million, making it the highest among all cryptocurrencies. Bitcoin accounted for 8.54% of the total transactions with $42.14 million, and Ethereum for 4.92% with $24.30 million, both falling behind XRP.

The enthusiasm for XRP trading in the Korean market has been strong before. Earlier this year, Upbit's XRP trading volume surged by 289% in just one hour, while Binance's increase during the same period was limited to 128%. In May, an unidentified investor withdrew 6.3 million XRP from Upbit, and around the same time, whales moved $135 million worth of XRP out of exchanges over a week.

The price trend also showed a recovery after last month's market slump. XRP rebounded by 12.87% after falling to $1.01, and its recent weekly increase was approximately 9.5%. However, the global XRP trading volume decreased by 31% to about $1.21 billion in the last 24 hours, contrasting with Upbit's strong trading enthusiasm.

In terms of exchange fund flows, continuous XRP withdrawals were observed. According to CoinGlass data, investors withdrew $30.38 million worth of XRP from trading platforms in the last 7 days. The net outflow over the past month totaled $147.5 million. The Crypto Basic analyzed that continuous exchange outflows suggest that more investors are moving XRP to long-term holding assets rather than leaving them on exchanges.

XRP has reconfirmed its strong presence in the Korean cryptocurrency trading market by surpassing Bitcoin and Ethereum on Upbit. The 289% surge in one-hour trading volume, a 24-hour trading volume of $52.33 million, and a net outflow of $147.5 million from exchanges over a month simultaneously demonstrate XRP trading activity and investor fund movements in the Korean market.

[Article Key Summary]

-XRP recorded a 24-hour trading volume of $52.33 million on Upbit, surpassing Bitcoin and Ethereum to rank first in trading volume.

-Earlier this year, Upbit's XRP trading volume surged by 289% in one hour, while Binance's increase was 128%.

-Investors withdrew $147.5 million worth of XRP from exchanges over the past month.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*