An unusual spike in XRP trading volume occurred on the South Korean exchange Upbit, nearly reaching $2 billion in a single hour, drawing the attention of analysts and investors.
Unusual Trade Volume Increase
XRP trading volume on Upbit reached $1.94 billion at 2:51 PM UTC, significantly surpassing volumes from other global exchanges. Binance, which is regarded as the leading exchange, reported only $90 million during the same period.
Analysis and Capital Movements
Analyst Zach Rector highlighted that XRP experienced $720 million in net inflows during the same hour. By 3:29 PM UTC, inflows had jumped to $1.58 billion, and the activity remained elevated until late afternoon.
Market Reactions to Korean Activity
The heightened activity in the Korean markets raises questions about the actual demand for XRP. Zach Rector pointed out that large capital inflows could increase market capitalization, though not all inflows correlate with price increases.
The significant increase in XRP trading volume on Upbit indicates rising interest among Korean investors. Monitoring future trends will be crucial for determining potential price movements.
