South Korea’s largest cryptocurrency exchange, Upbit, has achieved a significant milestone, overtaking Binance to become the top holder of XRP reserves among all tracked exchanges. This shift underscores XRP’s surging popularity in South Korea, where trading volumes have skyrocketed, and investor interest has reached unprecedented levels.
XRP Trading Booms on Upbit
Recent data reveals that Upbit now holds twice as much XRP as Binance, marking a dramatic shift in market dynamics. Crypto analyst Kate Young Ju highlighted this trend in an X post, emphasizing Upbit’s increasing dominance in XRP trading.
Upbit holds the most XRP among all exchanges, twice as much as Binance. pic.twitter.com/wBE3JrL3Ak
— Kate The Alt (@kate_young_ju) March 5, 2025
CoinMarketCap data further confirms that Upbit accounts for 14.37% of total XRP trading volume, surpassing Binance’s 12%. This development comes just days after U.S. President Donald Trump announced plans for a national crypto reserve featuring XRP alongside Solana (SOL) and Cardano (ADA), fueling speculation and interest in XRP globally.
Is the Kimchi Premium Driving Demand?
Some analysts suggest that the Kimchi Premium, a phenomenon where South Korean crypto prices exceed global averages due to market inefficiencies and capital controls, may be contributing to the XRP surge. Historically, the Kimchi Premium has influenced trading behaviors in the South Korean market, leading to inflated prices and increased demand for specific digital assets.
XRP Interest in South Korea Hits Five-Year High
Google Trends data supports this trend, showing that searches for “XRP” in South Korea have reached their highest level in five years. The country’s growing appetite for digital assets is evident, with over 30% of the population reportedly holding cryptocurrency. XRP, in particular, has established a strong foothold among South Korean investors.
Despite the recent price rally following Trump’s crypto reserve announcement, XRP experienced a market correction due to skepticism surrounding the proposal. However, many analysts believe XRP remains undervalued and poised for future growth.
Also Read: XRP Eyes 160% Surge: Can It Overtake Ethereum in Market Cap?
Speculation about a potential XRP exchange-traded fund (ETF) is also gaining traction. With the SEC possibly dropping its lawsuit against Ripple by April, regulatory clarity could open the door for increased adoption and investment, positioning XRP for further gains in the crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
