XRP trading volume is surging, led by Upbit and Binance, as competition for market share between the two exchanges steps up. XRP trading is also expanding across major global exchanges, lifting short-term market interest again.

Coinglass data cited by blockchain outlet Cointelegraph on Jan. 15 show Upbit’s spot XRP trading volume rose by more than double digits in a short period to the high $8 million range. Binance, the world’s largest cryptocurrency exchange, also saw XRP/USDT volume rise to a similar level, putting the two exchanges among the global leaders in spot XRP volume. That is seen as making competition over trading share between the won market and the dollar-based market more pronounced.

The trend was not limited to Upbit and Binance. Rising XRP volume was also observed across major exchanges including Coinbase, Gate, Bybit, Crypto.com and OKX. Their hourly XRP volume increased from $1.4 million to as high as $3.12 million, showing broader market participation rising as well. Bitstamp, by contrast, saw volume decline, highlighting differences by exchange.

The surge in volume suggests market participation is expanding again. XRP hit $2.41 on Jan. 6, its highest in 2 months, and its 24-hour volume jumped to $7.8 billion, but volume later plunged to around $1 billion. It has since rebounded to $3.6 billion on Jan. 12, $3.8 billion on Jan. 13 and most recently $4.297 billion.

A sharp rise in volume is not necessarily interpreted as a sign of gains. Higher volume during a rebound can help sustain an uptrend, but volume can also rise when profit-taking or short-term selling increases. Despite the recent surge, XRP failed to hold the $2.20 peak set on Jan. 14 and is now moving back and forth around $2.10 in a limited range.

The market sees whether XRP volume proves a one-off spike or turns into a trend recovery as a key variable for the short-term direction. If trading activity stays above a certain level, the possibility of an additional rebound could open up, but a cautious wait-and-see stance is also being maintained as volume could quickly shrink again and keep volatility going.