XRP Sees Massive $1.9B Volume on Upbit Over an Hour: What’s Happening?

The XRP market recently witnessed an extraordinary uptick in volume on South Korean exchange Upbit, triggering speculation among pundits.

Besides the unexpected spike in volume, XRP also saw impressive inflows on the Upbit exchange within a short period, compounding investor curiosity. Notably, XRP community figure and game designer Chad Steingraber first called attention to the series of anomalies in multiple posts.

XRP Sees Massive $1.94B Volume on Upbit 

Citing Coinglass data, Steingraber revealed yesterday that as of 2:51 PM (UTC), XRP volume on Korea’s largest exchange Upbit had skyrocketed to $1.94 billion over the span of just an hour. This represented a massive spike in volume, with the next highest volume amounting to just $90 million on Binance.

Upbit (Korean Exchange) XRP Volume is going absolutely bezerk!! 🙀🙀

$1.94Billion within the current hour, the next closest is Binance at $90Million in volume. https://t.co/4TK3p4hiaf pic.twitter.com/OKbewpeAAt

— Chad Steingraber (@ChadSteingraber) July 7, 2025

In a separate disclosure, market pundit Zach Rector also highlighted that XRP had witnessed up to $720 million netflow on Upbit over a 1-hour period as of 3 PM yesterday (UTC). Rector beckoned to Steingraber and XForceGlobal, a Korean certified Elliott Wave analyst, to discuss the anomaly.

Responding to this initial disclosure, XForceGlobal confirmed that XRP has continued to dominate in trading volume across Korean exchanges, aligning with the $720 million netflow witnessed on Upbit. He pointed out that 20% of XRP’s circulating supply is in the Korean spot market, indicating that nearly every Korean crypto investor owns XRP.

Net Inflows on Upbit Spike to $1.58B

Meanwhile, in response, Steingraber further noted several other upticks in volume and flows. Specifically, he revealed that the $720 million netflow spotlighted by Rector had increased further since then. At the time, Steingraber revealed that netflows on Upbit had increased to $1.58 billion in the hour leading to 3:29 PM yesterday (UTC). 

HOLY MOTHER

XRP –> $1.58BILLION IN NET INFLOWS https://t.co/HaQL86ShzP pic.twitter.com/aByS6ZKb4h

— Chad Steingraber (@ChadSteingraber) July 7, 2025

However, over time, the netflows cooled, but remained incredibly high, especially on the 1-hour timeframe. Notably, two hours later, as of 5:23 PM yesterday (UTC), Steingraber again disclosed that net inflows over an hour amounted to $156.84 million on Upbit, still on the high side. Data confirmed that other exchanges, including Binance, saw outflows during this period.

Possible Implications on XRP Price

Speaking on the possible implications of this netflow trend, Rector called attention to the inflow-to-valuation multiplier effect that often drives crypto markets. For context, due to this multiplier effect, every $1 in netflow into the market often leads to a much higher increase in the token’s market cap. 

However, this multiplier effect often varies. According to Rector, he identified a 235x multiplier for each dollar that entered the XRP market earlier in the day. This entails that for every $1 in netflow, the XRP market cap recorded an increase of $265. As a result, an $18 million inflow at the time led to a market cap growth of $4.27 billion. 

Nonetheless, it is important to note that these netflows into exchanges do not always translate to capital flows into the XRP market. Instead, they often represent flows into exchanges. As a result, they would not always translate directly to market cap growth.

For instance, with the $1.58 billion netflow into Upbit yesterday, a modest 25x multiplier would have led to an increase in XRP’s market cap by $39.5 billion. This would have resulted in a market cap of $173 billion, leading to a price of $2.8. Instead, XRP’s market cap only grew by $4 billion during that period, leading to a market cap of $138 billion or a price of $2.35. 

XRP has since corrected from this $2.35 high, now changing hands at $2.26 amid a mild 0.23% rise in the past 24 hours. Nonetheless, at the current point, XRP is in a comfortable position, as noted by Rector, having flipped the $2.25 mark from resistance to support.