XRP has established a significant presence in South Korea, with a daily trading volume of $95 million on the Upbit exchange. This volume highlights XRP’s strategic role and growing dominance in the region’s crypto ecosystem. The transfer of 30 million XRP, valued at approximately $95.5 million, from Upbit to an unknown wallet was reported by Whale Alert. This transfer could indicate large investors moving tokens off-exchange for long-term holding or routine wallet management by Upbit.
Upbit holds a substantial portion of XRP reserves, approximately twice that of Binance, and accounts for roughly 14–17% of the global XRP volume. Recent spikes in trading activity saw XRP/KRW trades making up nearly 18% of Upbit’s total volume. This dominance is further fueled by the “Kimchi Premium,” where South Korean crypto often trades at a premium due to capital controls and local demand shortages, making XRP particularly attractive in the region.
XRP’s real-world utility in remittances is another key factor driving its adoption. South Korea’s domestic apps, such as Toss and KakaoPay, are efficient for local transactions, but international transfers remain slow and costly. XRP and Ripple’s cross-border solutions, like Coinone’s Cross, are filling this gap by providing faster and more cost-effective remittance services. Many Korean traders view XRP as an alternative to traditional finance, especially during periods of political or banking stress. A recent analysis noted that XRP’s trading volume surpassed Bitcoin by threefold during domestic turmoil, underscoring its role as a safe-haven asset.
XRP’s adoption is skyrocketing, with the number of wallets surpassing 7.1 million. This milestone reflects increasing investor confidence, growing real-world utility, and a shift in institutional sentiment toward Ripple’s digital asset. XRP’s speed and cost-efficiency, with transaction times as low as 3-5 seconds and minimal fees, position it as an ideal asset for cross-border payments. Financial institutions and remittance services globally are turning to RippleNet, Ripple’s payment network, which leverages XRP for on-demand liquidity (ODL). This infrastructure enables near-instant settlement without the need for pre-funded accounts, drastically reducing capital requirements for banks.
Legal clarity in the United States has further accelerated XRP adoption. After a prolonged legal battle, a U.S. court ruled in 2023 that XRP is not a security when sold on exchanges. This landmark decision unlocked new institutional partnerships and retail investor confidence, with exchanges that had previously delisted XRP beginning to relist it, fueling liquidity and market activity. Additionally, XRP’s integration into mainstream financial services and its role in decentralized finance (DeFi) have expanded its utility. Developers are actively building smart contracts and tokenized asset systems on the XRP Ledger using Hooks and sidechains, attracting a new wave of builders and users to the ecosystem.
The increase in XRP wallets also reflects broader global interest, particularly in regions like South Korea, where trading volume has spiked on platforms like Upbit. Retail interest is surging, with investors increasingly viewing XRP as a long-term digital asset rather than a speculative trade. Ripple’s ongoing partnerships with central banks to explore CBDC (Central Bank Digital Currency) issuance using the XRP Ledger have helped legitimize its use case on a global scale. This blend of institutional use, technological advancement, and regulatory progress is creating a perfect storm for adoption.
As the crypto landscape matures, XRP stands out for its utility-driven growth. The jump to over 7.1 million wallets is not just a number; it’s a reflection of a network gaining real traction across finance, remittances, and DeFi. With legal hurdles mostly behind it and global demand rising, such as swirling rumors of Amazon considering XRP payments, XRP’s adoption curve may just be getting started. The $95 million daily volume is not just another large trade; it’s a symbol of XRP’s deepening integration into South Korea’s financial and crypto infrastructure. Furthermore, the explosion of wallets to over 7.1 million shows that the altcoin’s adoption rate continues to gain steam. These bullish on-chain metrics suggest that XRP might be gearing up for a breakout to $2.40.
