Upbit Now Holds Twice as Much XRP as Binance – Here’s How

South Korea’s largest cryptocurrency exchange, upbit upbit - cs@upbit.com Centralised Exchange has just hit a major milestone – it now holds the most XRP reserves among all tracked exchanges, even surpassing Binance Binance - binance@miceneurol.com Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment This shift comes at a time when XRP is gaining massive traction in South Korea, with trading volumes soaring and interest reaching record highs.

This comes just days after U.S. President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President announced plans for a U.S. crypto reserve featuring XRP and other tokens. Upbit now holds twice as much XRP as Binance, the second-largest exchange in terms of XRP reserves – showing the growing interest in XRP trading in South Korea.

Crypto analyst Kate Young Ju highlighted this shift in an X post, drawing attention to Upbit’s increasing dominance in XRP.

Is It Due To Kimchi Premium?

Upbit is not only the largest holder of XRP reserves, but it also leads in XRP trading volume. Data from CoinMarketCap shows that Upbit accounts for 14.37% of the total XRP trading volume, overtaking Binance, which holds 12%.

Some analysts believe this surge is partly due to the Kimchi Premium, a price gap between South Korean and global crypto markets.

The Kimchi Premium happens when crypto prices in South Korea are higher than in other markets. This is caused by capital controls and inefficiencies in the South Korean market, leading to inflated local prices. When these prices are factored into global averages, they can make overall values seem higher than they actually are.

XRP Interest in South Korea Reaches a Five-Year High

Google Trends data supports this growing interest, showing that searches for “XRP” in South Korea have hit their highest level in five years. More people in the country are investing in crypto, with over 30% of the population now holding digital assets. XRP, in particular, has gained strong traction.

XRP in the Crypto Reserve

One reason behind XRP’s recent surge could be Trump’s proposed crypto reserve, which includes XRP alongside major assets like Solana (SOL) and Cardano (ADA). The announcement triggered speculation and a price jump for XRP, attracting investor attention.

However, the price rally didn’t last long. Doubts about Trump’s crypto reserve plans led to a market correction, pulling XRP’s price down. Despite this, analysts believe XRP is still undervalued and has room for growth. 

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Could an XRP ETF Be Next?

Regulatory uncertainty remains a challenge for XRP, but there is growing speculation about a potential XRP ETF. Some believe the SEC might drop its lawsuit against Ripple by April. If that happens, it could be a major win for XRP, paving the way for more adoption and investment.

Despite market fluctuations, XRP remains a key player in the global crypto conversation. Watch Coinpedia for more.