Upbit Surges Ahead of Binance in XRP Trading Volume

Upbit, a prominent cryptocurrency exchange based in South Korea, has recently emerged as the leading player in the XRP market, surpassing Binance in terms of trading volume. This shift highlights the growing interest in XRP among South Korean investors, who are increasingly engaging with cryptocurrencies. According to data from CryptoQuant, Upbit now holds twice as much XRP as Binance, the world's largest cryptocurrency exchange by trading volume. This positions Upbit as the largest holder of XRP, underscoring its dominance in the market.

Market analyst Kate Young Ju shared insights indicating that Upbit accounts for over 14% of XRP's overall trading turnover, making it the market leader in XRP trading volume. Other exchanges like Binance, Coinbase, Bybit, Bitget, and Gate.io follow with varying percentages of XRP trading activity. This trend is part of a broader pattern where South Korean investors are becoming more involved in the crypto market, with 30% of the population having exposure to cryptocurrencies.

One of the catalysts for the recent bull run of XRP was the announcement by President Donald Trump of a national crypto reserve, which may include XRP and other significant altcoins. Although this narrative helped reinforce bullish sentiment, the gains were short-lived due to a sell-off at the beginning of the week, exacerbated by an unstable geopolitical environment. Despite this, whales have been active, acquiring over 300 million XRP, demonstrating their strong belief in the future of cryptocurrency.

Upbit's recent movement of 30 million XRP caused volatility and fueled rumors about the "Kimchi Premium," a phenomenon where cryptocurrency assets trade at higher prices in South Korea compared to other global markets. Market watchers suggest that if South Korean traders continue their aggressive buying spree, the volatility of Ripple’s native token may intensify. This surge in interest and activity in the XRP market underscores the growing influence of South Korean investors in the global cryptocurrency landscape.