- Upbit leads XRP trading, holding twice as much as Binance, boosting market influence.
- XRP’s price surged 16.10% in a week, fueled by Trump’s crypto reserve announcement.
- Upcoming White House Crypto Summit may shape XRP’s regulatory and market outlook.
South Korea’s crypto exchange Upbit has taken the lead in the XRP market, surpassing Binance in both trading volume and holdings. This shift signals the growing dominance of XRP in the Asian market and highlights South Korea’s increasing influence in global crypto trading. The recent surge in XRP activity has drawn significant attention, especially as Upbit now holds double the amount of XRP compared to Binance.
Upbit’s XRP Trading Volume Surges Past Competitors
According to data from CoinGecko, Upbit’s 24-hour trading volume reached $3.164 billion, with the XRP/KRW trading pair contributing 19.64% of the total volume. This makes XRP the most traded asset on the exchange, surpassing other digital currencies.
🚨BREAKING🚨: On March 6th, data from CoinGecko revealed that Upbit's trading volume in the past 24 hours reached $3.164 billion. The $XRP/KRW trading pair was the most traded, accounting for 19.64% of the total volume, making it the leader in the Korean won market. The remaining… pic.twitter.com/NovFb7MUkD
— XRP Chancellor (@xrpchancellor) March 6, 2025
Moreover, CoinMarketCap data reveals that Upbit accounted for over 14% of XRP’s global trading activity. In comparison, Binance facilitated around 12% of XRP trades, while Coinbase handled 7.27%. Other platforms like Bybit, Bitget, and Gate.io recorded lower trading volumes, with figures ranging from 2% to 3%.
XRP Price Performance and Market Sentiment
XRP’s price has seen notable gains in recent days. As of press time, the token is valued at $2.62, with a 24-hour trading volume exceeding $5.3 billion. This marks a 4.54% increase within the past 24 hours and a 16.10% rise over the past week. With a circulating supply of 58 billion XRP, the cryptocurrency’s market cap stands at approximately $151.9 billion.
The latest price surge was primarily triggered by U.S. President Donald Trump’s announcement regarding the creation of a strategic national crypto reserve. This initiative is expected to include XRP alongside other major altcoins. The news initially fueled bullish sentiment, but gains were short-lived due to a sell-off at the start of the week.
Regulatory Uncertainty and Future Outlook
The market now awaits further clarification on the strategic reserve framework, which could significantly impact investor confidence. A White House Crypto Summit, scheduled for Friday, is expected to provide more insights into regulatory plans. If clear guidelines emerge, they could influence the long-term outlook for XRP and the broader crypto market.
