Ripple-backed coin XRP has achieved a key milestone, particularly on Upbit, the leading crypto exchange in South Korea. The move comes as XRP trades bullish, following ongoing crypto market price recovery.

XRP outpaces Bitcoin on Upbit 

XRP is currently seeing increased activity on the Upbit exchange, outpacing even Bitcoin (BTC), the biggest cryptocurrency.

Data from CoinMarketCap showed that XRP flipped Bitcoin to become the most traded asset by volume on Upbit. 

At press time, Upbit reported that XRP generated over $102 million in cumulative trading volume on its platform, making it the top-traded digital asset. This represents 10.5% of daily total exchange volume.

Thus, XRP outperformed Bitcoin, which recorded $96.1 million worth of trading volume within the same period. Ethereum (ETH) and Redstone followed by $74.8 million and $65.4 million, respectively.

It is important to note that XRP has long had deep liquidity on Upbit and other Korean platforms. The XRP/KRW pair offers tight spreads and high volume, making it easy for traders to enter and exit positions quickly. 

Moreover, XRP has built a dedicated community and trading culture in Korea over the years. Some analysts link it to real-world use cases like remittances or settlements, though much of the volume remains speculative.

The cryptocurrency is designed for fast, low-cost cross-border payments through the Ripple network. This resonates in South Korea, a major export-oriented economy with a focus on international trade. 

XRP performance across markets

Beyond South Korea, XRP has continued to gain attention on the spot exchange-traded fund (ETF) market. XRP-related ETF products have amassed over $1.21 billion in cumulative inflows, suggesting increased participation from institutional players.

Currently, the XRP price is trading at $1.34, up 4.5% over the past 24 hours. The XRP market looks bullish, supported by some key technical indicators.

For instance, the daily trading volume increased by more than 69% to $1.98 billion. Additionally, open interest (OI) recently increased sharply, reaching over 943 million. This indicates that new money is entering the XRP derivatives market, and traders are opening fresh positions.

Meanwhile, funding rates turned negative, creating a domino effect that could send the price skyrocketing.