Upbit Biggest Player in XRP Market, South Korea high interest on Ripple
Upbit, a South Korean cryptocurrency exchange, has become the dominant player in the Ripple market. A possible explanation for Ripple’s increasing popularity among the Asian crypto community
Market analyst Kate Young Ju shared data from CryptoQuant showing that Upbit now holds “twice as much” of XRP as Binance, the world’s largest cryptocurrency exchange by trading volume, surpassing Binance as the largest holder.
Coinmarketcap data showed the South Korean exchange is the market leader in XRP trading volume, accounting for over 14% of the asset’s overall trading turnover. Binance accounted for nearly 12 percent of the coin’s trading activity, Coinbase at 7.27 percent. XRP transactions from Bybit, Bitget, and Gate.io were 3:1%, 2.8%, and 2:4%, respectively.
The increased curiosity is consistent with a larger pattern of South Korean investors getting more involved with cryptocurrencies. Thirty percent of South Koreans have exposure to the crypto market.
President Donald Trump’s announcement of a national crypto reserve, which may include XRP and several other significant altcoins, was the primary catalyst for its recent bull run.
Although such a narrative helped to reinforce bullish sentiment, gains were mostly short-lived amid a sell-off at the beginning of the week erased earlier price surge amid an unstable geopolitical environment.
Whales have also been active; this week, they acquired over 300 million XRP, demonstrating their strong belief in the future of cryptocurrency.
Upbit lately moved 30 million XRP which caused volatility and fueled rumors that demand was driven by the so-called “Kimchi Premium.” The phenomenon is that, in comparison to other global markets, cryptocurrency assets trade at higher prices in South Korea.
Market watchers have suggested that if South Korean traders continue their aggressive buying spree, the volatility of Ripple’s native token may intensify.
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