XRP's trading volume has been captured in an unusual phenomenon where it surpasses Bitcoin (BTC) and Ethereum (ETH) on major domestic exchanges. Despite XRP's active trading, its inability to avoid a price decline provides insight into market trends and investor sentiment.
According to global cryptocurrency data provider CoinMarketCap, on the 28th, XRP's daily trading volume on Upbit reached approximately $600 million (about 83.4 billion won). This ranks first in trading volume, which is about twice the volume of Kyber Network. Ethereum ranked third in this indicator, while Bitcoin was not found in the top ranks. BTC's Korean won trading volume was only a quarter of XRP's.
A similar trend was observed on another domestic exchange, Bithumb. XRP recorded the highest trading volume here as well, with transactions around $240 million (about 33.36 billion won). USDT and Ethereum followed in second and third places. In contrast, Bitcoin lagged behind even meme coins like Pengu (PENGU), Doge, and Bonk (BONK), settling at 9th place.
However, this surge in trading volume likely led to selling rather than buying. XRP rose to $3.3 (about 4,587 won) in the morning but dropped to $3.15 (about 4,379 won) after being pushed back from resistance, recording over a 2% decline in 24 hours. Ethereum and Bitcoin also showed a concurrent weakness, falling by 2.4% and 1.4% respectively.
Geopolitical tensions also seem to have contributed to the market's hesitant movement. Recent threatening statements by Trump towards Russia and Iran have stimulated uncertainty. Some conservative-leaning communities are voicing concerns about the potential impact of such military tensions on the cryptocurrency market.
Meanwhile, the XRP community is expressing positive voices to commemorate this trading volume surge. It can be interpreted as evidence of continued investor enthusiasm and high interest in XRP in the domestic market, and a signal of a trading ecosystem shifting towards altcoins. However, as the increased trading volume has not translated to price increases, stronger buying pressure is required for sustained growth.
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