Upbit Overtakes Binance as the Leading XRP Market in Holdings and Trading Volume
In a noteworthy development within the cryptocurrency arena, South Korean crypto exchange Upbit has positioned itself as the dominant player in the Ripple (XRP) market. Recent data indicates that Upbit not only holds twice the amount of XRP as the industry’s leading exchange, Binance, but also accounts for over 14% of XRP’s global trading volume, highlighting a shift in trading dynamics in favor of the South Korean platform.
Upbit’s XRP Dominance
Market analysis by CryptoQuant, relayed by analyst Kate Young Ju, reveals Upbit’s significant stature as the largest holder of XRP, boasting a volume of the token that effectively eclipses that of Binance. The competitive landscape of cryptocurrency trading platforms is stark, with Binance contributing nearly 12% of XRP’s trading activity. Notably, Coinbase holds a distant third place with 7.27%, while Bybit, Bitget, and Gate.io contribute 3.16%, 2.84%, and 2.39%, respectively.
This rise in Upbit’s status appears tied to the increasing interest in XRP among South Korean investors, who have been actively engaging with the token. A recent transaction involving the movement of 30 million XRP, valued at approximately $95 million, triggered increased market volatility and speculation regarding the “Kimchi Premium” phenomenon—where digital assets typically trade at a premium in South Korea compared to international markets.
Recent Market Movements
The broader market context has also been turbulent, with XRP recently experiencing a staggering 50% surge in value over the course of a day—temporarily reaching the $3 mark before stabilizing around $2.70. This fluctuation can be attributed to various factors, including macroeconomic conditions and political announcements, such as U.S. President Donald Trump’s declaration of a strategic national crypto reserve that may include XRP among other significant cryptocurrencies. This announcement initially ignited bullish sentiment among investors, but the euphoria was short-lived as the market corrected itself shortly thereafter.
Moreover, with notable activity from crypto whales, who managed to acquire over 270 million XRP in just 48 hours, confidence in XRP’s long-term viability appears robust. The ongoing accumulation of XRP by such entities indicates a strong belief in the cryptocurrency’s future performance.
As the market looks toward the upcoming White House Crypto Summit, where discussions on digital asset policy are expected, the investor community remains poised for updates that could impact sentiment across the board. At the time of writing, XRP had recorded a nearly 5% rise in the past 24 hours and an impressive 8.9% increase over the last week, significantly outpacing the overall crypto market growth of 4.5% during the same period.
These developments reflect a rapidly changing landscape in the cryptocurrency sector, underscoring Upbit’s pivotal role in shaping the future of XRP trading and potentially influencing broader market trends moving forward.
