Upbit reports $8 billion weekly trading volume as XRP leads

South Korean cryptocurrency exchange Upbit reported a weekly trading volume of 11.2 trillion won, approximately $8 billion, marking a 6.74% increase from the previous week.

In a notable shift in trading activity, XRP emerged as the most actively traded asset on the platform, surpassing both Bitcoin and USDT. This trend is driven largely by Korean traders utilizing won-denominated pairs, such as XRP/KRW, rather than routing trades through dollar-based stablecoins.

Upbit, which is operated by Dunamu, remains the dominant exchange in South Korea, maintaining a significant lead over its closest competitor, Bithumb. The high volume of XRP trading on the platform highlights localized liquidity trends that may differ from global market capitalization rankings.