Upbit Dominates XRP Market, Overtakes Binance
South Korean exchange Upbit has emerged as a major player in the XRP market, overtaking Binance in terms of holdings and Ripple trading volume.
According to CryptoQuant data, Upbit owns twice as much XRP as Binance, and has captured 14% of global trading volume, while Binance only has about 12%.
This shift reflects the growing interest of South Korean investors in XRP, which has also been reflected in the exchange’s recent moves.
Upbit moved 30 million XRP worth $95 million, which led to market volatility and sparked speculation about the “Kimchi Premium” effect, a phenomenon that drives cryptocurrency prices higher in South Korea compared to other markets.
XRP has seen a strong rally recently, driven by US President Donald Trump’s announcement of plans to create a national strategic reserve for cryptocurrencies, which could include XRP alongside other cryptocurrencies.
The announcement sent the coin soaring by 50% in a single day, reaching $3 before falling back to $2.70 due to price resistance at that level.
Meanwhile, whales continued to build confidence in XRP, accumulating over 270 million units in 48 hours, indicating an optimistic outlook on the future of the coin.
