XRP’s Dominance in South Korea Skyrockets
XRP surged to the top spot among crypto assets on South Korea’s largest exchange, Upbit, capturing an impressive 16.04% of the platform’s total daily trading volume approximately $558 million out of around $3.52 billion in 24‑hour turnover.
Therefore, this milestone marks XRP’s current dominance over traditionally higher‑cap coins like Bitcoin and Ethereum on the Korean market. So, what’s driving XRP’s South Korean dominance?
1. Impressive Liquidity Concentration and Retail Momentum
Data shows XRP/KRW on Upbit far outpaces volume from Bitcoin (BTC) and Ethereum (ETH). For instance, on July 28 alone, XRP traded nearly twice the volume of Ethereum and left Bitcoin trailing significantly behind. Prior surges in early July brought Upbit’s single‑day XRP volume to around $95 million with most of it sourced domestically.
2. Local Market Dynamics and the “Kimchi Premium” Effect
South Korea’s capital controls and strong demand for cross‑border settlement fuel local demand for XRP. KRW-denominated trading often prefers tokens with efficient remittance functionality, an area where XRP excels, helping it secure a sizable share of local trading activity.
3. Real‑World Utility and Infrastructure Integration
XRP has become a go‑to for Korean remittances and fintech apps. Partnerships with services like Toss, KakaoPay, and Coinone’s cross‑border solutions underscore XRP’s practical utility in a market focused on speed and low cost.
Additionally, its regulatory clarity following favorable U.S. legal outcomes has boosted confidence in institutional and retail circles alike.
Gemini Rolls Out XRP as Cross Collateral for Derivatives Trading
Crypto exchange Gemini now supports XRP, Shiba Inu (SHIB), Bitcoin Cash (BCH), Solana (SOL), and Dogecoin (DOGE) as cross collateral for derivatives trading, expanding users’ options for margin management. Previously, only BTC, ETH, Tether (USDT) and GUSD were accepted as collateral.
Per the announcement, “This means that while Gemini’s perpetual contracts are denominated in Gemini Dollars (GUSD), customers who enable cross collateral will be able to use these tokens, in addition to BTC, ETH, USDT, and GUSD, as collateral to trade perpetual contracts – providing more flexible funding options.”
With this update, traders can now use these five new tokens, including XRP, to meet initial and maintenance margin requirements on Gemini’s GUSD‑settled perpetual futures.
For example, a portfolio of 10 XRP, 1 SOL, and 1,000 DOGE would translate into approximately $440 in cross‑collateral value, funds that can back leveraged derivatives positions.
Therefore, this open‑asset inclusion increases capital efficiency, letting traders harness a wider set of assets without selling or converting into stablecoins. It aligns with Gemini’s strategy of enhancing trader flexibility and expanding its derivatives ecosystem in jurisdictions where these products are permitted.
Conclusion
Gemini’s derivatives platform now supports XRP, SHIB, DOGE, SOL, and BCH as cross collateral. This enables more flexible margin policies and makes idle altcoin holdings trade‑ready.
Therefore, this cross‑collateral expansion reiterates Gemini’s commitment to evolving derivatives solutions bridging market opportunity with user choice while challenging traders to balance utility and caution in a volatile landscape.
Additionally, XRP’s 16.04% volume share on Upbit underscores a compelling narrative of deep domestic affinity, arbitrage utility, and institutional momentum converging to make XRP a liquidity titan in South Korea because it’s a blend of retail speculation, institutional inflows, and tangible use cases.
Source: https://coinpaper.com/10234/xrp-soars-in-south-korea-with-16-04-upbit-share-as-gemini-expands-utility
