The long-running rivalry between XRP and Stellar (XLM) has taken a new turn in South Korea, where retail traders are increasingly favoring Stellar — and Upbit’s latest trading data makes that shift impossible to ignore.
On Upbit, South Korea’s largest crypto exchange, XLM clocked roughly $252.3 million in 24-hour trading volume versus about $125.7 million for XRP, according to market analyst Xaif Crypto. That gap — XLM trading at more than double XRP’s volume — marks the first time Stellar has overtaken XRP on the platform and pushed XLM to the top of Upbit’s volume leaderboard.
What’s driving the move? Interest in Stellar’s potential role in tokenized finance has spiked after plans emerged linking the Stellar network to tokenization efforts involving the US Depository Trust & Clearing Corporation (DTCC), one of the world’s largest financial market infrastructure firms. South Korean retail traders, who historically favored XRP, reacted to the DTCC-related news by pouring into XLM, boosting both its trading activity and price.
Price action underscores the shift: XLM rallied more than 55% over the past week to about $11, while XRP struggled to keep pace and slipped below $1.30. The change is notable because XRP has long been a top-traded crypto in Asian markets — just weeks ago it led Upbit’s volumes ahead of Bitcoin and Ethereum. Now, momentum and retail attention appear to have rotated toward Stellar as traders chase the stronger short-term trend.
Some analysts see possible follow-through for XRP. Crypto analyst CW observed on X that XRP is trading near the level XLM occupied before its 57% surge and suggested XRP could be “waiting for a start signal.” CW’s chart projects an aggressive, speculative upside for XRP — even as high as $56 — if similar momentum materializes. That scenario is highly optimistic and contingent on renewed buying pressure comparable to what lifted XLM.
Bottom line: Stellar’s recent association with tokenization efforts has catalyzed a retail-led surge in South Korea, elevating XLM above XRP on Upbit for the first time. Whether this rotation marks a sustained reordering of regional preferences or a short-lived momentum trade remains to be seen — and analysts’ bullish takes on XRP should be treated as speculative until clearer market signals emerge.
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