XRP’s stunning 30-day price surge of over 400%, reaching $2.60, has been significantly influenced by South Korean traders, but U.S. investors have also played a crucial role, particularly on Coinbase. While South Korea is known for its strong altcoin trading culture, especially with XRP, the rise of the coin is not entirely driven by the Korean market.
Data from CryptoQuant reveals that the XRP/USD pair on Coinbase has consistently traded at a premium compared to Binance’s XRP/USDT pair over the last month, with differences ranging from 3% to 13%. This suggests that large-scale investors or “whales” have been actively trading XRP on Coinbase, pushing prices higher. Meanwhile, on Upbit, the leading South Korean exchange, XRP prices have not seen similar premiums.
The so-called “Coinbase premium” is likely influenced by broader market optimism surrounding the potential for XRP’s adoption, particularly after the resolution of Ripple’s legal battle with the SEC. Many believe that under a more crypto-friendly regulatory environment, XRP could become a bridge currency for cross-border transactions, making it a vital tool for financial institutions. This belief has gained traction since the early November election of Donald Trump, who is seen as more favorable toward the crypto industry.
While the price rally is being partly fueled by U.S. institutional investors, South Korean exchanges still dominate in terms of trading volume. Coingecko data shows that the XRP/KRW pair on Upbit has reached $7.63 billion in the past 24 hours, accounting for 26% of global XRP trading activity. On Coinbase, the XRP/USD pair has traded $1.7 billion, or 17% of the exchange’s total turnover.
Despite the surge in U.S. interest, the South Korean market remains the largest contributor to XRP’s trading volume, especially given the long-standing absence of XRP from U.S. exchanges during the legal proceedings. With the recent favorable legal resolution, exchanges like Coinbase have re-listed XRP, further fueling its upward price momentum.
