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Upbit, South Korea’s largest exchange, has continued to challenge Binance for $XRP market share, as its $XRP volume spikes 289% in an hour.
While the $XRP price sees renewed bearish pressure amid a 2.83% decline today, trade volume has spiked in the last hour, indicating that the recent price crash receives support from increased market participation in the form of heightened selling pressure.
Interestingly, South Korea’s Upbit appears to be leading the charge surrounding $XRP’s recent volume spike, recording a 289% increase in $XRP trade volume within an hour. This has brought its 1-hour volume to $10.41 million, edging close to Binance’s $12.82 million.
Key Points
- The market correction, which has led to a 2.83% drop in $XRP’s price, comes alongside heightened trade volume on exchanges.
- Upbit, South Korea’s largest exchange, seems to be leading the charge, with $XRP’s trade volume on the exchange spiking 289% in one hour.
- The spike in $XRP’s volume on Upbit has pushed the figure to $10.41 million in the last hour, closing in on Binance’s $12.82 million.
- This volume spike cuts across all major exchanges, including a 128% rise on Binance, a 155% increase on Coinbase, and an 87% spike on Bybit.
$XRP Volume Spikes Amid Renewed Bearishness
Notably, $XRP engineered a rebound push alongside the rest of the crypto market earlier this month, leveraging the panic from the Iran conflict that escalated on Feb. 28 to post impressive gains. $XRP rose nearly 26% from a low of $1.27 on Feb. 28 to a peak of $1.6 by March 17.
However, the resistance at $1.6 resulted in a pullback, as the rest of the market lost momentum. This pullback has endured until now, threatening to push $XRP into the red in March. The correction now appears to be gaining steam, and the latest renewed bearish push has coincided with volume spikes on centralized exchanges.
Specifically, data from market resource Coinglass confirms that $XRP has recorded volume spikes across all major exchanges over the past hour amid a 2.83% price decline today. Specifically, Binance’s volume has risen 128.57% within the hour, while Coinbase has recorded a 155.96% spike. Moreover, Bybit currently sees an 87.23% increase.
Upbit Leads in $XRP Volume Growth
While other exchanges have recorded considerable $XRP volume spikes, Upbit leads in this metric. Notably, the Korean exchange boasts a 289.52% increase in $XRP trade volume over the last hour.
This surge has pushed $XRP’s volume on Upbit from just $2.67 million to $10.41 million within the hour. With the spike, Upbit has begun closing in on Binance in terms of short-term $XRP volume, now requiring an additional 23% increase to overtake Binance’s $12.82 million volume.
Meanwhile, despite the uniform growth, other exchanges have continued to see significantly lower figures than Upbit and Binance. Specifically, Coinbase has recorded a $5.28 million in $XRP trade volume over the last hour, while Bybit has seen $1.95 million in the same timeframe.