Although South Korean investors have played a significant role in XRP’s remarkable 30-day price surge of over 400%, driving it to $2.60, they are not the sole contributors to this rally.
When thinking of altcoins like XRP and their rapid price increases, South Korea typically comes to mind, given its strong engagement with alternative cryptocurrencies. However, U.S. investors, particularly those active on the Nasdaq-listed Coinbase exchange, have also been key players in XRP’s surge.
For the past month, the XRP/USD pair on Coinbase has consistently traded at a premium compared to Binance’s XRP/USDT pair, with minute-level premiums fluctuating between 3% and 13%, according to data from analytics firm CryptoQuant. This premium suggests significant whale activity on Coinbase, according to CryptoQuant’s CEO, Ki Young Ju. On the other hand, prices on Upbit, South Korea’s top crypto exchange, haven’t shown notable premiums.
One possible reason behind the Coinbase premium is the narrative surrounding crypto adoption under Donald Trump’s presidency. Many believe his administration is ushering in a “new era for crypto,” with fewer regulatory hurdles. This has led to speculation that XRP could become more widely used by major financial institutions as a “bridge currency” for foreign exchange transactions, boosting its accessibility. FRNT Financial’s newsletter notes that proponents of XRP believe the asset will gain prominence in international capital flows, particularly with Trump’s more crypto-friendly stance.
However, while Coinbase investors are driving this premium, South Korean exchanges still lead in trading volume. XRP/KRW on Upbit has seen the highest volume over the past 24 hours, totaling $7.63 billion—accounting for 26% of the total market activity, according to data from Coingecko. In contrast, Coinbase’s XRP/USD pair has seen nearly $1.7 billion in 24-hour trading volume, making up over 17% of the exchange’s total turnover of $9.89 billion. BTC/USD is the second-most actively traded pair on Coinbase, with $1.59 billion in volume.
Despite the strong activity on U.S. exchanges, the larger volume in offshore XRP markets is likely a result of the cryptocurrency’s previous unavailability for trading in the U.S. due to Ripple’s ongoing legal battle with the SEC over alleged securities law violations. After a favorable resolution earlier this year, XRP was re-listed on exchanges like Coinbase, which contributed to the recent surge in trading volumes.
