XRP’s rising momentum has not solely intensified value speculations however has additionally positioned it in direct comparability with Bitcoin in a single shocking metric, particularly within the South Korean market. Data reveals that XRP is now difficult Bitcoin’s dominance within the South Korean crypto world, as evidenced by the reserves of Upbit, the most important crypto alternate within the nation when it comes to buying and selling quantity and market share.
Upbit’s Unusual XRP Reserve Levels
On-chain information reveals how XRP is starting to problem Bitcoin’s long-standing dominance in South Korea, the place buying and selling exercise is among the many most vibrant globally. As the main cryptocurrency, most exchanges internationally maintain Bitcoin because the dominant reserve asset, with BTC historically accounting for the biggest share of alternate portfolios. This has been the case as a result of alternate reserves are formed by buyer demand, and Bitcoin has been the popular asset for merchants.
Related Reading
However, it might appear the Korean market is bucking the pattern, and buyers are getting extra inclined to XRP. According to on-chain information from CryptoQuant, which was first posted on the social media platform X by an analytics account referred to as CryptoOnchain’s, XRP is difficult Bitcoin’s dominance on Upbit, which is the most important crypto alternate in South Korea.
This pattern started in December 2024, when Upbit began considerably growing its XRP reserves. At the time of writing, the quantity of XRP held by the alternate is now at ranges that rival its Bitcoin holdings.
As proven within the chart beneath, XRP’s USD worth in Upbit’s reserves has risen steeply alongside Bitcoin’s for the reason that starting of the yr, with XRP even breaking above $20 billion briefly earlier than retracing.
As of now, the worth of XRP reserves on Upbit is round $18 billion, solely barely beneath Bitcoin’s $20 billion on the platform. For comparability, Ethereum’s holdings on Upbit are just a bit above $5 billion. This reveals how XRP has carved out a place a lot nearer to Bitcoin than every other main cryptocurrency on the alternate.
Implications For The Altcoin’s Future Demand
Monitoring these reserve traits at Upbit may function an necessary indicator for XRP’s trajectory within the months forward. Given Upbit’s massive affect in Asia, its portfolio steadiness has implications past its personal platform, and it may form XRP’s demand and value motion inside the continent.
Related Reading
Trading information has proven durations of exceptionally excessive XRP buying and selling quantity and exercise on Upbit previously. If the altcoin continues to take care of parity with Bitcoin in Upbit’s reserves, it might sign a deep structural desire for the token in one of many world’s most lively buying and selling hubs, and this could, in flip, add weight to bullish arguments of a sustained upward value momentum.
At the time of writing, XRP is buying and selling at $2.81, down by 6.5% previously 24 hours.
Featured picture from Adobe Stock, chart from Tradingview.com
