Upbit weekly volume falls 20.8% to 6.7 trillion won as XRP leads trading

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Upbit logo, by Dunamu/UPbit. Public domain (Wikimedia Commons).

South Korea's largest crypto exchange saw activity cool again, with XRP outpacing Bitcoin and USDT for the top spot

Sun 8 Nov 2026 · 20:07 EST · 3 min read

In Altcoins

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Trading on Upbit, South Korea’s largest crypto exchange, slowed down again. Weekly volume fell 20.8% to 6.7 trillion won, or approximately $4.9 billion, for the week ending November 8, 2026.

The more interesting detail is what traders were still buying. XRP topped the platform’s trading activity, beating both Bitcoin and the USDT stablecoin. On Upbit, that is starting to look less like a surprise and more like a habit.

A second double-digit drop in a matter of weeks

This was not a one-off slump. The week ending October 18, 2026, also saw a weekly drop, when Upbit’s volume fell 15.5% to 8.35 trillion won, or about $6.28 billion.

Put those two data points together and the trend is easy to spot. Between mid-October and early November, weekly turnover went from 8.35 trillion won to 6.7 trillion won.

Day-to-day activity has been uneven as well. Daily volume on the exchange swung between approximately $340 million and more than $1.2 billion during the period.

The research describes the recent run as a series of repeated fluctuations rather than a straight decline. It ties the movement to broader market conditions, not to anything specific to Upbit itself.

XRP keeps winning the Korean popularity contest

The asset breakdown is where Upbit gets distinctive. XRP ranked first in trading activity for the week, with Bitcoin second and USDT third.

The research describes XRP as consistently ranking at the top on Upbit. It credits strong local retail interest in XRP within KRW-denominated trading pairs.

The research also found that XRP captured the largest share of activity during slower trading periods.

USDT landing in third place is telling as well. Its strong showing is consistent with what the research calls active rotation among traders, with some appearing to park capital in steadier assets during the pullback.

A regional slowdown, not just an Upbit story

Upbit is not cooling off on its own. Broader South Korean exchange volumes reportedly fell nearly 20% in recent weeks, pointing to a general slowdown across the country’s crypto markets.

That lines up neatly with Upbit’s own 20.8% weekly drop. The country’s largest venue appears to be moving roughly in step with the rest of the local market rather than losing ground to competitors.

What this means for traders and the market

The research suggests the drop in Upbit volume could reflect fading investor confidence or more risk-averse behavior as macroeconomic pressures build.

Still, back-to-back declines of 15.5% and 20.8% are hard to dismiss as noise. For XRP specifically, its persistent lead on Upbit indicates there is still a committed base of local retail interest, even as overall activity cools.

The research raises the possibility that XRP may be acting as a sort of protective hedge for traders looking for local favorites that hold their momentum.

For anyone tracking the market, a few signals are worth watching in the weeks ahead. The first is whether Upbit’s weekly volume stabilizes near current levels or keeps sliding, given that it went from 8.35 trillion won in mid-October to 6.7 trillion won in early November. The second is whether XRP holds the top position if overall activity recovers. The third is USDT’s ranking. If stablecoin trading keeps climbing relative to riskier assets, it would reinforce the idea that Korean traders are waiting on the sidelines rather than rushing to get back in.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.