XRP Challenges Bitcoin’s Dominance in South Korean Market Reserves
XRP is challenging Bitcoin's dominance in the South Korean crypto market, particularly on Upbit, the country's largest exchange by trading volume and market share.
Upbit’s XRP Reserve Levels
- On-chain data indicates that XRP is becoming a major reserve asset on Upbit, rivaling BTC in terms of holdings.
- This shift began in December 2024, with Upbit significantly increasing its XRP reserves to levels nearly equal to Bitcoin's.
- The USD value of XRP in Upbit's reserves has approached $18 billion, slightly below Bitcoin's $20 billion on the platform.
- For comparison, Ethereum's reserves on Upbit are just over $5 billion.
Implications for Future Demand
- Upbit's reserve trends may indicate XRP's future demand and price trajectory within Asia.
- High trading volumes of XRP on Upbit suggest a structural preference for the token, potentially supporting bullish price momentum.
Currently, XRP is trading at $2.81, down 6.5% in the past 24 hours.