XRP Maintains Dominance on Upbit, Surpassing Bitcoin and Ethereum

XRP has surpassed Bitcoin and Ethereum in trading volume on South Korea's largest cryptocurrency exchange, Upbit, securing the top position by 24-hour trading volume. According to blockchain media The Crypto Basic, Upbit's total trading volume during the period reached $493.74 million, with XRP accounting for $52.33 million, or about 10%. Bitcoin and Ethereum traded at $42.14 million (8.54%) and $24.3 million (4.92%), respectively. This highlights XRP's higher trading activity compared to the top two cryptocurrencies by market cap. The surge in XRP trading volume on Upbit is not a temporary trend, as trading volume spiked 289% in early 2024, compared to Binance's 128% increase. Large holder movements also continued, with an unknown investor withdrawing 6.3 million XRP from Upbit in May. On-chain data showed large investors moving $135 million worth of XRP off exchanges over a week, indicating a shift toward long-term holding. After a market correction last month, XRP rebounded 12.87% to around $1.14, though 24-hour trading volume fell 31% to approximately $12.1 billion. XRP shows a moderate recovery, rising 0.23% in the last 24 hours and 9.5% weekly. Its current market cap is around $70.79 billion, placing it sixth globally. Fund flows also show continued outflows, with $30.38 million in XRP withdrawn from exchanges in the last seven days and a $147.5 million net outflow in the past month. This combination of high trading volume on exchanges and significant outflows suggests a shift toward long-term holding among investors.