XRP, not bitcoin, was the most traded asset on South Korea's largest cryptocurrency exchange Upbit in 2025.

Blockchain media outlet The Crypto Basic reported this on Jan. 17, citing XFinanceBull and an analysis of data disclosed by Dunamu, which operates Upbit.

The report said XRP cemented its lead over bitcoin by maintaining steady trading frequency throughout the year rather than relying on brief spikes at specific times. It was assessed as showing strong market dominance, accounting for about 70 percent of total trading volume on Upbit.

Trading was most active in the won (KRW) market. The XRP/won pair posted a daily trading volume of $1.22 billion, about 1.8 trillion won, in July last year, setting a new high for the year.

Liquidity also supported the trend. As of the end of 2025, domestic exchanges held about 570 million XRP. XRP offered deeper order-book liquidity than bitcoin or ether, which helped ease price volatility and facilitate large trades in the South Korean market, where retail investors account for a high share.

Upbit's market influence was also evident. As of 2025, cumulative registered users totalled 13.26 million, about a quarter of South Korea's population. The core user base was people in their 30s at 28.7 percent and men at 65 percent, and trading traffic was concentrated around 9 a.m., when South Korea's stock market opens.

This concentration in XRP trading is seen as closely linked to the aforementioned abundant order-book liquidity. As an environment formed in which prices could be executed smoothly even when large buy and sell orders surged, investment demand aimed at reducing volatility risk was interpreted as shifting to XRP rather than bitcoin or ether.

The data suggest that the mainstreaming of South Korea's cryptocurrency market has advanced considerably. The fact that 1 in 4 people holds an account and trading concentrates at 9 a.m., when the stock market opens, shows that cryptocurrency investment has moved beyond a speculative boom and become an everyday investment activity similar to mainstream stock investing.