[DigitalToday reporter Yoonseo Lee (이윤서)] XRP has ranked first in trading value over the past 24 hours on Upbit, the country’s largest cryptocurrency exchange, beating bitcoin and ethereum.

The Crypto Basic, a blockchain outlet, reported on Sunday that Upbit’s total trading value over the period was $493.74 million. XRP accounted for $52.33 million, about 10%.

Bitcoin trading value was $42.14 million, or 8.54% of the total. Ethereum posted $24.30 million, or 4.92%. The key point in the tally is that XRP trading was more active than in the top 2 cryptocurrencies by market value.

The XRP strength seen on Upbit was also confirmed as not merely a temporary trend. Earlier this year, XRP trading volume on Upbit surged 289% in just 1 hour. Over the same period, the increase rate on Binance was 128%.

Moves by large holders also continued. In May, an unidentified investor withdrew 6.3 million XRP from Upbit. Around the same time, on-chain data showed whale investors moved $135 million worth of XRP off exchanges over a week. A decline in exchange-held balances is typically used as an indicator interpreted as a move toward long-term holding rather than short-term selling.

Price action showed a rebound phase after last month’s correction. XRP fell as low as $1.01 at one point during last month’s broader market decline, then rose to around $1.14, recovering 12.87%. Still, global XRP trading volume over the past 24 hours fell 31% to about $1.21 billion.

XRP’s short-term trend is showing a modest recovery. XRP rose 0.23% over the past 24 hours and 9.5% over the past week. Its current market value is about $70.79 billion, ranking it sixth among cryptocurrencies worldwide.

Outflows from exchanges also continued in fund flows. CoinGlass data showed investors withdrew $30.38 million worth of XRP from trading platforms over the past 7 days. Net outflows over the past month totaled $147.50 million. In the market, that means XRP continues to be moved to storage wallets rather than used for short-term trading.

That has drawn attention to the fact that high trading concentration confirmed on Upbit and net outflows off exchanges are appearing at the same time. XRP trading remains strong in the domestic market, but the trend also showed some investors shifting their holdings toward long-term holding.