Upbit, South Korea's biggest crypto exchange, has just added Ripple's RLUSD stablecoin to its platform, listing it across three major trading pairs. This move could significantly boost XRP's market presence in South Korea where Upbit dominates about 70% of all crypto trading volume. The addition includes RLUSD paired with the Korean won, Bitcoin, and USDT, offering local traders more direct access without relying on other stablecoins.
Ripple’s influence in the South Korean market has deepened since its initial surge in 2018, but the real breakthrough came after the company resolved its high-profile legal battle with the U.S. SEC. Now, XRP/KRW trading enjoys one of the most liquid pools in Asia, a rare feature that makes the coin attractive for local investors who prefer trading in their native currency. Upbit's full RLUSD market coverage ensures that traders have multiple avenues to engage, whether in fiat or crypto pairs.
Currently, most trading volume for Ripple’s native stablecoin happens on Bullish, an institutional-focused exchange accounting for over half of the activity. Binance also plays a notable role, capturing around 16% of RLUSD trades, primarily through USDT pairs. Meanwhile, despite these developments, XRP’s market price dropped nearly 5% on Tuesday, slipping to a critical support level near $1.055 amid broader crypto market pressures. Bitcoin fell back below $64,000 and Ethereum saw a 4% correction, both influenced by mounting geopolitical tensions.
