Upbit, South Korea’s main cryptocurrency alternate, has skyrocketed to the highest, now holding the biggest XRP reserves amongst all tracked exchanges by CryptoQuant.
This comes simply days after President Donald Trump revealed plans for a US crypto reserve that includes XRP and different tokens. Impressively, Upbit holds twice as a lot XRP as Binance, the second-largest platform, by way of XRP reserves. This depicts how XRP buying and selling is rising in recognition in South Korea.
Notably, analyst Kate Younger Ju pointed this out in an X publish.
Upbit holds essentially the most XRP amongst all exchanges, twice as a lot as Binance. pic.twitter.com/wBE3JrL3Ak
— Kate The Alt (@kate_young_ju) March 5, 2025
Upbit shouldn’t be solely the biggest holder of XRP reserves, but it surely additionally leads in XRP buying and selling quantity. Knowledge from CoinMarketCap exhibits that Upbit accounts for 14.37% of the entire XRP buying and selling quantity, outpacing Binance, which holds 12%. Nonetheless, some imagine that the rise in buying and selling quantity is pushed by merchants exploiting the Kimchi Premium, a worth distinction between South Korean crypto markets and others.
Is It Due To Kimchi Premium?
The Kimchi Premium is when crypto costs in South Korean markets are larger than in international markets. This occurs because of capital controls and market inefficiencies in South Korea, inflicting inflated native costs. When these costs are included in international averages with out adjustment, they’ll make the general values appear larger than they are surely.
Nonetheless, Google Traits information helps this view, exhibiting that search curiosity for “XRP” in South Korea has hit its highest level up to now 5 years. The rising curiosity in XRP displays a bigger development of South Korean traders changing into extra energetic in cryptocurrencies. Notably, over 30% of South Korea’s inhabitants is now investing in crypto, with XRP seeing a powerful presence within the area.
XRP To Be Included In Crypto Reserve?
One key issue driving this surge may very well be the inclusion of XRP in President Trump’s proposed crypto reserve, alongside main belongings like Solana (SOL) and Cardano (ADA). This sparked elevated hypothesis available in the market and a worth surge for XRP, which caught traders’ curiosity.
After the preliminary worth surge, XRP’s worth dropped which was triggered by skepticism surrounding Trump’s crypto reserve plan. Regardless of this, analysts stay optimistic, believing that XRP is at present undervalued.
Nonetheless, regulatory uncertainty nonetheless hangs over XRP’s long-term future, together with the potential for an XRP ETF. Some imagine that the SEC may drop the lawsuit by April, which may very well be an enormous win for XRP, opening the door to extra adoption and funding.
