The rising momentum of XRP has not only heightened price speculation but has also positioned it in direct competition with Bitcoin in a surprising metric, particularly in the South Korean market. Data indicates that XRP is now competing with Bitcoin’s dominance within the South Korean crypto landscape, as demonstrated by the reserves at Upbit, the country’s leading crypto exchange in terms of trading volume and market share.
Unusual XRP Reserve Levels at Upbit
On-chain data illustrates how XRP is starting to challenge Bitcoin’s long-established dominance in South Korea, where trading activity is among the most dynamic worldwide. As the top cryptocurrency, Bitcoin is typically held as the primary reserve asset on exchanges globally, dominating the share of exchange portfolios. This pattern has persisted due to customer demand, with Bitcoin being the favored asset for traders.
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Yet, the Korean market appears to be defying this trend, and investors are increasingly leaning towards XRP. Data from CryptoQuant shows that was first shared on social media platform X by an analytics account named CryptoOnchain, revealing that XRP is challenging Bitcoin’s stronghold on Upbit, South Korea’s largest crypto exchange.
This shift began in December 2024, when Upbit significantly boosted its XRP reserves. As of now, the volume of XRP held by the exchange has reached levels that are comparable to its Bitcoin holdings.
As depicted in the chart below, XRP’s USD value in Upbit’s reserves has surged dramatically alongside Bitcoin’s since the year began, with XRP even briefly exceeding $20 billion before pulling back.
Currently, the value of XRP reserves on Upbit stands at approximately $18 billion, marginally below Bitcoin’s $20 billion on the platform. In contrast, Ethereum’s holdings on Upbit are just over $5 billion. This indicates that XRP has established a foothold much closer to Bitcoin than any other significant cryptocurrency on the exchange.
Implications for the Future Demand of the Altcoin
Tracking these reserve fluctuations at Upbit could be a crucial indicator for XRP’s path in the coming months. Given Upbit’s considerable impact in Asia, its portfolio composition could influence XRP’s demand and price movements across the continent.
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Trading data has indicated instances of exceptionally high XRP trading volume and activity on Upbit previously. If the altcoin continues to maintain a competitive stance with Bitcoin in Upbit’s reserves, it would indicate a strong structural preference for the token in one of the globe’s most active trading hubs, thus reinforcing optimistic predictions for a sustained upward price trend.
At the time of this writing, XRP is trading at $2.81, down 6.5% over the past 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com
