Trading on Upbit, South Korea's largest cryptocurrency exchange, cooled for a second time in recent weeks, with weekly volume falling 20.8% to 6.7 trillion won, approximately $4.9 billion, for the week ending November 8, 2026.

Alongside the decline, the composition of trading stood out. XRP, the token associated with blockchain payments firm Ripple, topped the platform's trading activity, outpacing both Bitcoin and the USDT stablecoin. On Upbit, that outcome is starting to look less like a surprise and more of a habit.

A Second Double-Digit Drop in a Matter of Weeks

The latest figure was not an isolated slump. For the week ending October 18, 2026, Upbit's volume fell 15.5% to 8.35 trillion won, roughly $6.28 billion. Taken together, the two data points show weekly turnover sliding from 8.35 trillion won in mid-October to 6.7 trillion won in early November.

Day-to-day activity has been uneven as well. Daily volume on the exchange swung between approximately $340 million and more than $1.2 billion during the period.

The research describes the recent run as a series of repeated fluctuations rather than a straight-line decline, and ties the movement to broader market conditions rather than to anything specific to Upbit itself.

XRP Keeps Winning the Korean Popularity Contest

The asset breakdown is where Upbit stands apart. XRP ranked first in trading activity for the week, with Bitcoin in second place and USDT, the dollar-pegged stablecoin, in third. The ranking runs counter to the pattern on many major global venues, where Bitcoin and stablecoin pairs typically account for the bulk of turnover.

According to the research, XRP consistently ranks at the top on Upbit, a position credited to strong local retail interest in XRP within KRW-denominated trading pairs. The research also found that XRP captured the largest share of activity during slower trading periods.

USDT's third-place showing is telling as well. Its strong performance is consistent with what the research calls active rotation among traders, with some appearing to park capital in steadier assets during the pullback.

A Regional Slowdown, Not Just an Upbit Story

Upbit is not cooling off in isolation. Broader South Korean exchange volumes reportedly fell nearly 20% in recent weeks, pointing to a general slowdown across the country's crypto markets.

That figure lines up closely with Upbit's own 20.8% weekly drop. The country's largest venue appears to be moving roughly in step with the rest of the local market rather than losing ground to competitors. South Korea's crypto market leans heavily on individual investors trading KRW-denominated pairs, which is why national exchange volume is widely read as a gauge of local retail participation.

What This Means for Traders and the Market

The research suggests the drop in Upbit volume could reflect fading investor confidence or increasingly risk-averse behavior as macroeconomic pressures build. Still, back-to-back declines of 15.5% and 20.8% represent a sustained contraction rather than a single weak week.

For XRP specifically, its persistent lead on Upbit indicates there is still a committed base of local retail interest, even as overall activity cools. The research raises the possibility that XRP may be acting as a sort of protective hedge for traders looking for local favorites that hold their momentum.

For anyone tracking the market, several signals are worth watching in the weeks ahead:

• Whether Upbit's weekly volume stabilizes near current levels or keeps sliding, given that turnover went from 8.35 trillion won in mid-October to 6.7 trillion won in early November.
• Whether XRP holds the top position if overall activity recovers.
• Where USDT ranks. If stablecoin trading keeps climbing relative to riskier assets, it would reinforce the idea that Korean traders are waiting on the sidelines rather than rushing to get back in.

Disclosure: This article was edited by Estefano Gomez.