Upbit's spot trading volume for Ripple's XRP exceeded that of U.S.-based Coinbase. XRP trading in the won market (XRP/KRW) accounts for 15.57 percent of all trading activity on Upbit, underscoring strong XRP trading in South Korea.

On Sept. 24, local time, blockchain outlet U.Today cited a CoinGlass market heatmap as showing Upbit's daily XRP turnover at $224.22 million. Coinbase posted $173.38 million, below Upbit. Binance recorded $306.13 million, the highest XRP spot trading volume among the exchanges compared.

XRP/KRW accounted for 15.57 percent of Upbit's overall trading activity. The share was presented as meaning XRP trading on Upbit showed higher liquidity than bitcoin and tether. Exchange-by-exchange volumes can vary depending on the measurement time and methodology, and Upbit topping Coinbase alone does not allow a conclusion that South Korea's overall market is larger than the U.S. market or that South Korea determines global XRP price formation.

XRP traded in a $1.44 to $1.50 range after a strong weekly rise. XRP rose more than 14 to 15 percent over the past week, followed by a decline in daily exchange trading volume. Price volatility remains high, requiring caution over short-term moves.

Industry officials pointed to market structure as a reason for active XRP trading in South Korea. They said South Korean retail investors, under the domestic regulatory system, find it difficult to use leveraged products such as crypto futures on locally regulated exchanges, leading to a higher share of spot trading. Generalising this as a blanket ban on leverage trading by South Korean retail investors would not be accurate.

U.Today analysed XRP's low fees and fast transaction speed as factors supporting short-term trading. Over the past hour during South Korean trading hours, Upbit recorded net spot XRP trading volume of $23.71 million.

Traditional domestic market trends were also cited as a factor. With the KOSPI moving in a narrow range, some middle-aged and older investors have been liquidating stock portfolios and shifting funds into the crypto market, according to the analysis. No separate statistics were presented to support the scale of the fund shifts.

In the U.S., another analysis said institutional money is concentrating in regulated bitcoin and ether products. By contrast, XRP is drawing relatively high interest among East Asian retail investors, and another analysis said Upbit's weekly XRP turnover neared $1.71 billion.

The volume comparison shows South Korean exchanges have a significant presence in the XRP market. Upbit's XRP volume exceeding Coinbase was a comparison of individual exchange volumes at a specific point in time, and it is difficult to conclude on that basis that Seoul leads global XRP price formation.