XRP Tops Upbit's $1.84B Trading Surge in South Korea

XRP (XRP) became the most actively traded cryptocurrency on Upbit, South Korea's largest digital-asset exchange, as the platform's 24-hour trading volume surged 273% to roughly $1.84 billion — the busiest daily reading since mid-March. The token generated about $418.9 million in Upbit turnover during the past day, ahead of Bitcoin, Tether and Ethereum on the venue. Activity was not confined to Upbit: on Bithumb, the country's second-largest exchange, volume climbed 132.9% to $934.9 million, with XRP once again the top-traded crypto. The jump accompanied a sharp broader rally across digital assets. During the same stretch, the broader crypto market added roughly 7.2%, with Bitcoin climbing 8.3% to about $78,554, according to market data. XRP rose roughly 20% during the session and was up 38.1% on the week, exchange data shows, as a Bitcoin-led advance supported by expectations surrounding the expanded U.S. Treasury debt buyback program lifted the entire market. South Korean users also made XRP the third most-viewed cryptocurrency on local ranking pages, behind only Bitcoin and Ethereum. The rush of activity is a notable reversal for domestic exchanges, which have struggled through much of 2026. First-half turnover across the five won-based platforms totaled $366.58 billion, down 54.6% from a year earlier, according to market data, and operating revenue at both Upbit and Bithumb fell by roughly half, with Upbit's net profit down 74% and Bithumb swinging to a net loss. Min Jung, a researcher at Presto Research, says Korean investors are return-seekers rather than committed holders, and typically chase assets that have already started to move. He cautions that the rebound is only two days old, making it too early to call a structural shift; if the rally continues, however, more Korean capital could flow into the broader altcoin market and add to the momentum.

The latest exchange data points to a broader return of South Korean retail investors to crypto after the prolonged bear market of late 2025 and early 2026. Min Jung, who covers the local market for Presto Research, notes that the extended downturn pushed many Korean traders to the sidelines, with attention shifting to equities — particularly semiconductor names such as Samsung Electronics and SK Hynix, whose AI-driven gains carried the KOSPI index to all-time highs. That rotation drained liquidity from the digital-asset sector and, in Jung's view, the current recovery resembles a catch-up trade: local investors are hunting for assets that have not yet participated in the AI-led stock boom. He characterizes Korean investors as yield-chasers who rarely stay loyal to a single asset and tend to buy whatever is already rising. The latest Bitcoin-led environment fits that pattern. Korean platforms have historically amplified global rallies once local momentum builds. Renewed global strength is typically what draws Korean funds into crypto, rather than Korean money initiating the move, and a sustained rally could bring larger capital inflows from the country that would amplify the trend. Jung cautions, however, that the first two days of a rebound offer limited evidence of a durable shift; the real test will come if prices consolidate or pull back. A sharp reversal would risk repeating the painful conditions that marked the 2026 bear market and send local users back to the sidelines, while continued upside could reignite the kind of retail participation that made Korean exchanges a major liquidity hub during previous bull cycles. For now, the data shows a tentative but measurable revival in appetite for XRP and other risk-on tokens, with the altcoin dominating turnover on both Upbit and Bithumb — the clearest signal of that shift.

COINOTAG's proprietary 42-indicator composite S/R scoring engine places the immediate ceiling at $1.4295, a resistance level rated 68/100 on the confluence of Fibo 0.786, Donchian Upper and ATR Upper. Nearest support at $1.3396 carries the same 68/100 score, underpinned by VWAP, Fibo 0.618 and ATR Lower. RSI at 83.44 points to overbought conditions, while MACD remains bullish and trend is up. Derivatives data shows funding of 0.0056%, open interest of $956.39 million and a long/short account ratio of 2.59, with 72.2% of accounts long — a crowded setup. With the Fear & Greed Index at 72 (Greed), a sustained break above $1.4295 opens $1.4698, while losing $1.3396 would invalidate the bullish thesis and expose $1.2757.