Upbit, South Korea’s largest crypto exchange, reported a 15.5% weekly volume drop to 8.35 trillion won. XRP outpaced Bitcoin and USDT as Korean traders favored the token amid cooling activity.
Lower volume typically means thinner order books, which can still amplify price moves when larger orders reach a thin market.
XRP Leads a Cooling Market on Upbit
Trading volume is the total value of assets bought and sold on an exchange over a set period. Upbit’s weekly figure fell to 8.35 trillion won (~$6.28 billion), according to Upbit DataLab.
The decline covers the week ending October 18, 2026. It marks a clear cooling after stronger periods earlier in the autumn.
Yet the more striking detail sits inside the totals. CoinGecko data show XRP finishing as the week’s most-traded asset, outpacing both Bitcoin and the stablecoin USDT. Korean retail traders have long favored XRP on won-denominated pairs, and this week’s data reinforces that pattern.
Even as overall liquidity thinned, a disproportionate share of the remaining activity concentrated on XRP. That left Bitcoin in second place and USDT third.
The slowdown was not isolated to Upbit. Broader data from major South Korean platforms showed a steeper collective drop of nearly 20% in the preceding week. Measured against that backdrop, Upbit’s 15.5% decline appears relatively moderate.
Daily snapshots showed Upbit’s 24-hour volumes swinging between roughly $340 million and more than $1.2 billion. Those swings then settled into the quieter weekly total reported.
What Could Come Next for Upbit Volume?
Lower overall volume typically means thinner order books, which can amplify price moves when larger orders hit the market. A single sizable order can trigger sharper swings when it meets a thin market. Traders watching Upbit should therefore read the weekly total alongside daily data.
For traders watching the competitive landscape, the DataLab numbers highlight a recurring theme.
On Upbit, XRP often challenges or surpasses Bitcoin, even though it ranks far lower by global market cap.
Stablecoin volume remaining elevated also points to traders rotating between risk assets and dollar-pegged tokens as sentiment cooled. This shift keeps capital ready to move back.
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Looking ahead, market participants will monitor whether weekly volumes stabilize near the 8.35 trillion won level or continue to slide. They will also watch whether XRP keeps its top ranking in the next reporting window.
