XRP’s growing momentum has not only intensified price speculations but has also placed it in direct comparison with Bitcoin in one surprising metric, especially in the South Korean market. Data shows that XRP is now challenging Bitcoin’s dominance in the South Korean crypto world, as evidenced by the reserves of Upbit, the biggest crypto exchange in the country in terms of trading volume and market share.
Upbit’s Unusual XRP Reserve Levels
On-chain data shows how XRP is beginning to challenge Bitcoin’s long-standing dominance in South Korea, where trading activity is among the most vibrant globally. As the leading cryptocurrency, most exchanges across the world hold Bitcoin as the dominant reserve asset, with BTC traditionally accounting for the largest share of exchange portfolios. This has been the case because exchange reserves are shaped by customer demand, and Bitcoin has been the preferred asset for traders.
However, it would seem the Korean market is bucking the trend, and investors are getting more inclined to XRP. According to on-chain data from CryptoQuant, which was first posted on the social media platform X by an analytics account called CryptoOnchain’s, XRP is challenging Bitcoin’s dominance on Upbit, which is the biggest crypto exchange in South Korea.
This trend began in December 2024, when Upbit started significantly increasing its XRP reserves. At the time of writing, the amount of XRP held by the exchange is now at levels that rival its Bitcoin holdings.
As shown in the chart below, XRP’s USD value in Upbit’s reserves has risen steeply alongside Bitcoin’s since the beginning of the year, with XRP even breaking above $20 billion briefly before retracing.
As of now, the value of XRP reserves on Upbit is around $18 billion, only slightly below Bitcoin’s $20 billion on the platform. For comparison, Ethereum’s holdings on Upbit are just a little above $5 billion. This shows how XRP has carved out a position much closer to Bitcoin than any other major cryptocurrency on the exchange.
Implications For The Altcoin’s Future Demand
Monitoring these reserve trends at Upbit could serve as an important indicator for XRP’s trajectory in the months ahead. Given Upbit’s large influence in Asia, its portfolio balance has implications beyond its own platform, and it could shape XRP’s demand and price action within the continent.
Trading data has shown periods of exceptionally high XRP trading volume and activity on Upbit in the past. If the altcoin continues to maintain parity with Bitcoin in Upbit’s reserves, it would signal a deep structural preference for the token in one of the world’s most active trading hubs, and this would, in turn, add weight to bullish arguments of a sustained upward price momentum.
At the time of writing, XRP is trading at $2.81, down by 6.5% in the past 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com
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Scott Matherson