XRP Tops Upbit in 2025 as Exchange Processes Over $1T in XRP Trades
XRP was the most traded cryptocurrency on South Korea’s largest retail exchange, Upbit, in 2025. Upbit processed more than $1 trillion in XRP trades during the year, with XRP/KRW frequently accounting for a large share of daily volume (often exceeding $95 million) and episodic hourly spikes that drove deep short-term liquidity. Upbit reported about 13.26 million users trading XRP in 2025 and added roughly 1.1 million new users that year, with a user base skewing toward people in their 30s and 40s. Price action saw XRP peak around $3.66 in July 2025, decline roughly 50% by year-end to near $1.80, and trade near $2.02–$2.04 as of mid-January 2026. Institutional demand also rose, with over $1.5 billion flowing into XRP ETFs and notable inflows to products such as the Bitwise XRP ETF. Global exchanges (Binance, Coinbase, Bybit, Crypto.com, OKX) and some local platforms reported spikes in XRP pairs, suggesting Upbit’s concentrated XRP/KRW liquidity is influencing broader XRP pricing. However, on-chain indicators on the XRPL showed declining DEX volume and stablecoin activity, raising questions about real-world on‑chain adoption despite growing financial demand. For traders, key takeaways are heavy retail participation, deep KRW orderbook liquidity, recurrent volume surges, significant institutional ETF flows, and persistent price volatility — factors that affect execution risk, slippage, and position sizing when trading XRP.
Bullish
Net effect leans bullish for XRP price. Large, concentrated retail trading on Upbit created deep KRW liquidity and recurring volume spikes that support execution and can amplify price moves upward during demand surges. Significant institutional flows into XRP ETFs (over $1.5bn reported) add durable financial demand and create a bid under price. Global exchange volume spikes tied to Upbit activity suggest the regional liquidity is propagating to wider markets, increasing short‑term momentum potential. Offsetting factors include a roughly 50% price decline from the July 2025 peak to year-end and declining on‑chain DEX and stablecoin activity on XRPL, which imply weaker native utility and potential vulnerability to sentiment shifts. For traders, the immediate implication is higher probability of volatile but upward-biased moves when liquidity and ETF flows align; risk remains elevated, so manage position size, set tight slippage controls, and watch KRW orderbooks and ETF flow updates for trade signals.