XRP Surges Ahead of Bitcoin and Ethereum on South Korea's Largest Exchange
Key Summary
XRP has taken the top spot in Upbit's 24-hour volume rankings, surpassing Bitcoin and Ethereum, despite a decline in its price. This move highlights XRP's growing demand in South Korea, where it is trading on the largest exchange. The development is significant, as it suggests XRP's strong presence in the Korean market, and may indicate a shift in investor sentiment towards the cryptocurrency.
Market Performance in South Korea
XRP topped Upbit's spot volume in snapshots taken more than seven hours apart, beating bitcoin and ether in won trading even as its price drifted lower subsequently. The Numbers The first snapshot circulated yesterday evening (U.S. time) ranked Upbit's top three spot pairs by 24-hour volume: XRP/KRW: $145.57 million, 11.74% of Upbit's volume BTC/KRW: $126.50 million, 9.62% of Upbit's volume ETH/KRW: $64.55 million, 5.00% of Upbit's volume
Regulatory Developments
Ripple has successfully linked Wall Street trading desks to Hyperliquid's perpetual markets through its prime brokerage service, Ripple Prime. XRP's demand remains unchanged despite the launch, while HYPE is closer to its all-time high, suggesting the market has already rewarded Hyperliquid's growth. Deribit's introduction of over 90 USDC-settled contracts could pose a threat to Hyperliquid's pricing and liquidity for institutional business
Precedent & Market Context
Capital B reports a wider first-half loss of $78 million due to a $75.9 million Bitcoin impairment charge. The company raised $30 million and increased its Bitcoin holdings despite the loss. Capital B's treasury value has increased to $290 million, but its stock price has declined 25% year-to-date. CryptoQuant's market cycle signals tool suggests Bitcoin is preparing to reclaim its 20-month trend line, potentially leading to new record highs. The 20-month SMA has confluence with Bitcoin’s 2026 opening level at $87,490, boosting its strength as resistance. CryptoQuant maintains a broadly optimistic stance on Bitcoin’s emerging bull market despite macroeconomic headwinds. Ripple Is Plugging Wall Street Into Hyperliquid's Markets. Better Buy: HYPE or XRP? Ripple has successfully linked Wall Street trading desks to Hyperliquid's perpetual markets through its prime brokerage service, Ripple Prime. XRP's demand remains unchanged despite the launch, while HYPE is closer to its all-time high, suggesting the market has already rewarded Hyperliquid's growth. Deribit's introduction of over 90 USDC-settled contracts could pose a threat to Hyperliquid's pricing and liquidity for institutional business