XRP Ranks Ahead of Bitcoin on Upbit Amid Declining Trading Volume
Key Summary
XRP secured the top trading spot on South Korea's largest exchange, Upbit, despite a 15.5% decline in total trading volume, indicating trader loyalty rather than new demand. XRP has dropped 29% year-to-date, outpacing Bitcoin's 6% decline, and its price has fallen 13.5% over the past two weeks. The question remains whether South Korea is still XRP's biggest market, or if the token only secured the top spot in a shrinking pool.
Precedent & Market Context
XRP has consistently shown strong demand in South Korea, particularly on Upbit, the largest exchange in the country. However, the recent decline in total trading volume across major exchanges and the drop in XRP's price over the past two weeks raise questions about the token's long-term prospects.
Main Event
XRP emerged as the most-traded coin on Upbit, South Korea's largest crypto exchange, for the week ending October 18, 2026. It led Bitcoin and Tether, the widely used stablecoin, despite a 15.5% decline in total trading volume across major exchanges. XRP's top position came during a sluggish trading week, with the exchange recording a total trading volume of 8.35 trillion won (approximately $6.28 billion).
Analysis & Market Impact
The fact that XRP ranks first on Upbit does not necessarily mean that there is renewed demand from Korea. Instead, it may indicate that traders are loyal to the token and continue to trade it even as overall activity declines. This interpretation is supported by the fact that XRP's price has fallen 13.5% over the past two weeks, and the token's year-to-date decline of 29% outpaces Bitcoin's 6% decline.
Implications & Outlook
The lack of transparency surrounding XRP's precise share of Upbit's total volume and the proportion of global XRP trading conducted in Korean won makes it difficult to determine how much of XRP's worldwide trading volume is attributable to Korea versus dollar pairs on other exchanges. Additionally, the settlement of trades on Upbit's internal books, which never touch the XRP Ledger, raises concerns about the accuracy of on-chain data and the ability to confirm whether Korean buyers moved XRP into their own wallets.
XRP secured the top trading spot on Upbit, South Korea's largest exchange, despite a 15.5% decline in total trading volume. XRP's price has fallen 13.5% over the past two weeks and 29% year-to-date, outpacing Bitcoin's 6% decline. * The lack of transparency surrounding XRP's trading volume and settlement practices raises concerns about the accuracy of on-chain data and the ability to confirm trader activity.