Trading volumes of XRP tokens against Korean won hit $3.7 billion on the South Korean crypto exchange Upbit in the last 24 hours amid the XRP frenzy, CoinGecko data shows.
XRP trading volume accounted for 27.6% of the Upbit’s total trading volume, far exceeding the $340 million trading volume of Bitcoin in the same period.
XRP flipped USDT’s market cap during early Asian trading hours to become the third biggest crypto as the token’s price crossed $2.50, registering 70% gains in the last 7 days.
Another leading South Korean exchange Bithumb saw $1.2 billion in XRP trading volumes in the last 24 hours, which accounted for 32% of the total volume on the platform. In comparison, XRP trading volume on the world’s largest crypto exchange Binance remained 10% of the total trading volume, ahead of 7.13% of Bitcoin.
What is Driving XRP’s Surge?
XRP has surged to nearly $2.50, marking its highest value since January 8, 2018. The nearly 7-year peak comes as wallets holding 1–10 million XRP amassed 679.1 million tokens—worth $1.66 billion—in just three weeks, according to a blockchain analytics firm Santiment. Additionally, the total number of non-empty XRP wallets has surpassed 5.5 million for the first time in the coin’s eight-year history, highlighting growing network activity.
Source: Santiment
An analyst at Santiment informed that the current XRP rally is probably close to an end as they are observing high levels of FOMO from the small retail investors. The analyst added that small XRP wallets that faded during the initial rally are now joining back in, which is always a bad sign.
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