Upbit, South Korea’s largest digital asset exchange, has announced the triple spot listing of Ripple’s RLUSD stablecoin. The move could expand XRP’s exposure in the South Korean market, which is largely served by Upbit. The exchange accounts for roughly 70% of all crypto trading volume in South Korea, so even a stablecoin listing there can matter for how easily local traders move in and out of Ripple-linked assets.

How XRP Built Liquidity in Korea

XRP gained traction in South Korean markets during the 2018 bull run. Its broader breakthrough came several years later, after Ripple resolved its case with the United States Securities and Exchange Commission (SEC), which had accused the San Francisco-based company of selling ‘unregistered securities in XRP’.

Today, the won-based XRP/KRW pair is one of the deepest liquidity pools in the Asian financial market, in part because local traders can trade directly against the Korean won rather than through another stablecoin. In Upbit’s case, traders can now access spot trading through RLUSD/KRW, RLUSD/BTC, and RLUSD/USDT.

신규 디지털 자산 리플유에스디(RLUSD) 거래지원 안내 ✅ 지원 마켓: KRW, BTC, USDT 마켓 📅 거래지원 개시 시점 : 2026-07-28 14:00 KST 예정 🔗공지 바로가기: #Upbit #RLUSD @Ripple pic.twitter.com/SiSlVJ9E26 — Upbit Korea (@Official_Upbit) July 28, 2026

신규 디지털 자산 리플유에스디(RLUSD) 거래지원 안내 ✅ 지원 마켓: KRW, BTC, USDT 마켓 📅 거래지원 개시 시점 : 2026-07-28 14:00 KST 예정 🔗공지 바로가기: #Upbit #RLUSD @Ripple pic.twitter.com/SiSlVJ9E26

Current real-time data suggests that most of Ripple’s native stablecoin trading is taking place on Bullish, an institutional exchange that accounts for 52% of Ripple stablecoin trades. Binance is another major venue, with about 16% of total volume, mostly on its USDT pair.

XRP Slides as Broader Crypto Markets Weaken

XRP’s price was under pressure on Tuesday, falling nearly 5% to $1.055, a key support level that could push the token below $1 if it does not hold. Geopolitical tensions contributed to a multi-billion-dollar market wipeout, sending Bitcoin back below $64,000, while Ethereum (ETH) fell 4% to $1,884.

During Asian trading hours, crypto bulls suffered heavy losses: $352 million in leveraged long positions were liquidated, while short sellers lost a relatively small $27 million, according to CoinGlass data. The moves in BTC, ETH and XRP came as a surprise to some investors, underscoring how quickly broad market risk sentiment can overshadow exchange-specific developments.

Technical Pressure Builds Around XRP

XRP’s short-term technical picture also remains weak. At the $1.05 support level, the token is showing an ultra-negative True Strength Index (TSI), a reading not seen since March 26, 2026.

Crypto whales, or large investors, were also selling XRP on Tuesday, pushing the Chaikin Money Flow (CMF) to -0.24, according to the 4-hour charts for the XRP/USDT pair on Binance.

The broader downtrend in major cryptocurrencies is being reinforced by expectations of a Federal Reserve rate hike on Wednesday, with Citadel Securities saying a quarter-point increase is the most likely outcome. The odds of passage for crypto’s landmark CLARITY Act also fell by 1%, adding another layer of uncertainty for crypto and stock market participants.

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