South Korea's Upbit recorded $224.22 million in XRP spot trading during the comparison period, according to CoinGlass market data, outpacing Coinbase's $173.38 million while Binance remained ahead of both exchanges at $306.13 million. Binance is the world's largest crypto exchange by reported trading volume and Coinbase the largest U.S.-based venue, which frames Upbit's second-place figure as notable for a platform whose trading is concentrated in the South Korean market.

Upbit's reported XRP turnover came in $50.84 million above Coinbase's, leaving the South Korean platform with roughly 29% more trading volume than the U.S. exchange. The figures point to substantial XRP activity on Upbit, although they represent individual exchange volumes rather than the total market activity of either country.

Binance's higher turnover also shows that significant XRP trading was taking place across multiple venues. Among the three exchanges highlighted, Upbit's $224.22 million represented about 73% of Binance's reported $306.13 million.

Upbit's weekly XRP turnover approached $1.71 billion, offering a broader view of activity on the platform beyond the daily comparison. The weekly tally spans a wider window than the snapshot used for the three-way exchange ranking, and like the daily figures it does not by itself show whether traders accumulated or reduced their XRP positions.

XRP Accounts for 15.57% of Upbit Trading Activity

XRP represented 15.57% of Upbit's total trading activity during the period, channeled through the XRP/KRW pair, which prices the token in South Korean won. That equates to roughly one-sixth of the exchange's reported turnover and places the token among the platform's most actively traded assets, making Upbit a key venue for observing XRP activity in the Korean market.

The elevated activity followed a weekly gain of roughly 14% to 15% for XRP. Over the period discussed, the token traded within a range of about $1.44 to $1.50, while daily trading volume declined as its price movement became more limited.

What the Volume Figures Do and Do Not Show

Trading volume should not be interpreted as a direct measure of new money entering XRP. The figures represent completed trades, meaning repeated buying and selling can produce high turnover without revealing whether traders are increasing their net holdings.

The narrower trading range and lower daily volume likewise do not establish whether XRP was preparing for a breakout or further consolidation. Elevated turnover alone also cannot confirm sustained buying pressure or explain why traders were active in the market.

The available exchange figures do not demonstrate that Korean investors were shifting capital from stocks into XRP, nor that trading activity in Seoul determines the token's global price. Drawing such conclusions would require broader data covering additional exchanges, market flows, and price movements.

Exchange turnover also differs from order-book depth. Trading volume records transactions that have already taken place, while order-book depth measures the buy and sell orders available in the market.

Taken together, the data show substantial XRP trading activity on Upbit, which recorded higher reported turnover than Coinbase in the comparison. Binance nevertheless posted the largest figure among the three highlighted venues, while XRP maintained a significant share of overall activity on Upbit. Subsequent CoinGlass snapshots and Upbit's weekly turnover tally will provide the data needed to track whether the exchange ranking and the token's share of platform activity persist in later periods.

Source: Hokanews. Reporting by Marcus Renfield, crypto market analyst and onchain writer.