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Spot XRP trade volumes on Upbit and Binance have spiked over the last 1 hour, as both exchanges battle to secure the top spot.
Coinglass data confirms this trend. Specifically, the XRP/KRW on Upbit, Korea’s largest exchange, has surged 156% in the past 1 hour to reach $8.78 million at press time. Meanwhile, the XRP/USDT pair on Binance, the world’s largest exchange by trade volume, has increased 69% to $8.7 million.
Notably, with these figures, Upbit boasts the largest XRP spot volume in the last 1 hour, while Binance takes second place in what appears to be a narrow race. Such a spike in trade volume indicates increased market participation, which could support the market amid a recovery push.
Key Data Points
- Binance and Upbit are in a race to claim the top spot for the largest XRP spot trading volume.
- Upbit has recorded a 156.43% increase in its XRP spot volume to $8.78 million in the last hour.
- Binance has seen a milder 69.56% spike within the same period, but boasts an $8.7 million volume.
- Other exchanges, such as Gate.io, Coinbase, and Bybit, have also seen spikes in their XRP volumes.
- This sustained volume increase comes as XRP breaks above $2.1 in an ongoing recovery effort.
XRP Seeing Increased Interest
Market data shows interest may be returning to the XRP market after a period of general apathy. Notably, following the 24-hour volume peak of $7.8 billion on Jan. 6, which coincided with XRP’s two-month high of $2.41, the altcoin witnessed a gradual drop in trade interest.
The 24-hour volume declined to $4 billion in the following two days, and then dropped further to $3.5 billion by Jan. 9 and then hit the $1 billion level on Jan. 10 and 11. However, it seems investor interest has returned, with volume recovering to $3.6 billion on Jan. 12, $3.8 billion on Jan. 13, and $4.297 billion yesterday.
This aligns with the observable increase in volume on Binance and Upbit over a short timeframe today. Besides these two exchanges, Coinbase, Gate, Bybit, Crypto.com, and OKX have all seen volume spikes, with their 1-hour volumes ranging from $1.4 million to $3.12 million. Only Bitstamp is witnessing a drop within this period.
A Volume Spike is Not Always Positive
A surge in trading volume during a rebound often gives XRP the fuel it needs to sustain the recovery. Higher volume shows stronger market participation, which indicates that traders find the current price attractive enough to buy.
However, such spikes in trading volume do not always translate to increased purchases, as a rise in selloffs could also lead to a surge in volume. For instance, despite the recent volume spike, XRP has failed to hold the $2.2 price mark from Jan. 14, now changing hands at $2.12.