South Korean crypto exchange Upbit has emerged as the leading force in the Ripple market. It holds double the amount of XRP as Binance and accounts for more than 14% of its global trading volume.
The shift could be a reflection of the cryptocurrency’s growing prominence among investors in the Asian country.
Upbit’s XRP Share Larger Than Binance’s
According to data from CryptoQuant shared by market analyst Kate Young Ju, Upbit has surpassed Binance as the biggest holder of XRP, with “twice as much” of the token as the world’s largest crypto exchange.
Additionally, the South Korean exchange also leads in XRP trading volume, with figures from CoinMarketCap showing it was responsible for over 14% of the asset’s total trading turnover.
On the other hand, Binance accounted for nearly 12% of the coin’s trading activity, with the next closest being Coinbase at 7.27%. Bybit, Bitget, and Gate.io respectively accounted for 3.16%, 2,84%, and 2.39% of XRP’s transaction count.
Upbit recently moved 30 million XRP worth $95 million, sparking volatility and fueling speculation about the so-called “Kimchi Premium” driving demand. The metric is a phenomenon where crypto assets trade at higher prices in South Korea compared to other markets around the world.
Market watchers have suggested that if South Korean traders continue their aggressive buying spree, the volatility of Ripple’s native token may intensify.
XRP’s Market Performance
Recent market turbulence has also added to the drama. Last week, after the market-wide crash, which raised concerns about the start of a bear cycle, XRP surged nearly 50% in a single day, hitting the $3 level before retreating to $2.70. Analysts have suggested that a failure to break through that resistance could push the asset’s price toward the $1.60 range.
Its performance was mostly triggered by U.S. President Donald Trump’s announcement of the creation of a strategic national crypto reserve that could include XRP, among several other major altcoins. The statement fueled bullish sentiment, but gains were shortlived, as a sell-off at the beginning of the week wiped out all recent price upticks.
Whales have also been busy, scooping more than 270 million XRP in 48 hours, signaling strong confidence in the cryptocurrency’s future.
As of now, the broader market is awaiting clarity on the strategic reserve’s framework, which many feel could significantly impact investor sentiment, especially with a White House Crypto Summit set for Friday this week.
At the time of this writing, the cryptocurrency was up almost 5% in the last 24 hours and 8.9% across seven days. In that time, it outperformed the wider crypto market which is also up 4.5%.
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