XRP Trading Volume Tops Bitcoin and Ethereum on Upbit as Korea’s Crypto Market Deepens

TLDR

• XRP/KRW ranked third on Upbit with about $89.64M in trading volume.
• BTC/KRW recorded $72.48M volume, below XRP/KRW on Upbit.
• ETH/KRW ranked seventh on Upbit with about $43.02M volume.
• Evernorth CEO Asheesh Birla called Korea a deep XRP liquidity market.
• SBI Shinsei Bank’s XRP voucher campaign begins June 10.

XRP is drawing renewed attention in South Korea after Evernorth Chief Executive Officer Asheesh Birla described the country as one of the world’s most mature digital asset markets, particularly for XRP liquidity and trading activity.

Birla, who recently attended the Bitcoin Seoul conference, said XRP remains one of the most actively traded cryptocurrencies in South Korea. He noted that the XRP/KRW trading pair on Upbit, the country’s largest crypto exchange, regularly ranks among the most active markets and can surpass Bitcoin and Ethereum during periods of stronger market activity.

Market data cited alongside his comments showed XRP/KRW ranked third on Upbit with about $89.64 million in trading volume. BTC/KRW followed in fourth place with $72.48 million, while ETH/KRW ranked seventh with $43.02 million. Based on those figures, XRP trading volume was about $17.16 million higher than Bitcoin and $46.62 million higher than Ethereum on the exchange.

XRP Leads Major Crypto Pairs on Upbit

South Korea has long been one of XRP’s strongest regional markets, with retail traders and institutional participants maintaining steady activity in won-denominated pairs. Upbit’s XRP/KRW pair has often been watched as a key gauge of local demand because the exchange commands a large share of domestic crypto trading.

The latest figures show XRP trading ahead of both Bitcoin and Ethereum on the platform. XRP’s $89.64 million trading volume was approximately 23.7% higher than BTC/KRW’s $72.48 million. Compared with ETH/KRW’s $43.02 million, XRP volume was more than double, standing about 108.4% higher.

Birla said this level of activity reflects South Korea’s deep liquidity for XRP. He described the country as a market where digital assets are no longer treated only as speculative products, but as part of a developing financial technology ecosystem.

XRP’s trading strength in South Korea has also remained relevant as the broader market evaluates digital assets based on speed, liquidity, settlement cost, and exchange accessibility. The XRP Ledger was built for fast settlement and low transaction fees, features often cited by supporters in discussions around payments and tokenized assets.

Korean Financial Firms Expand Crypto Infrastructure

Birla also pointed to changes among major Korean financial institutions. He said large firms in South Korea are moving beyond observation and are investing directly in digital asset infrastructure.

Mirae Asset and Hana Financial Group were cited as examples of this shift. Birla said Hana is pursuing investments related to Upbit, while Mirae Asset has reportedly acquired a meaningful stake in Korbit. The activity suggests that traditional financial institutions are seeking exposure to crypto exchanges and related infrastructure rather than building separate systems from the ground up.

The move by established financial groups comes as South Korea’s digital asset market continues to develop under closer oversight. Banks, securities firms, and asset managers are monitoring opportunities tied to exchanges, custody, tokenized securities, stablecoins, and blockchain-based settlement.

At the Bitcoin Seoul conference, Birla said tokenization and real-world assets were major topics of discussion despite the event’s Bitcoin focus. Participants examined tokenized government securities, intellectual property, tokenized treasuries, and other blockchain-based representations of financial assets.

Tokenized products require networks that can handle high transaction volumes, low fees, and reliable settlement. Birla said institutions are increasingly judging blockchains by infrastructure performance rather than brand recognition alone.

XRPL Gains Attention in Tokenized Asset Market

The XRP Ledger has continued to gain attention in discussions around real-world assets. Supporters argue that XRPL’s design allows token issuance, fast settlement, and reserve requirements that connect network use to XRP.

Under the XRPL architecture, accounts, trust lines, and certain ledger objects require XRP reserves. A trust line is needed when users or institutions issue, hold, or transfer assets such as stablecoins, tokenized bonds, stocks, or other tokens on the network. XRP tied to these reserve requirements cannot be spent while the related account or object remains active.

This structure has led some XRP supporters to argue that wider institutional adoption could lock more XRP in system reserves. The argument is based on the idea that more tokenized assets and more institutional accounts would require additional trust lines and wallet reserves.

XRPL-related development also includes the XLS-66 lending proposal and Single Asset Vaults, which are designed for institutional finance use cases such as credit pools and tokenized asset lending. These tools are being watched as part of the network’s broader push into real-world asset markets.

In Japan, SBI Shinsei Bank and SBI VC Trade are also expanding XRP-linked customer campaigns. A new advance campaign begins June 10 and will run for three months. It applies to ordinary deposits and time deposits ranging from three months to five years.