South Korean crypto exchange Upbit has emerged as the leading force in the Ripple market. It holds double the amount of XRP as Binance and accounts for more than 14% of its global trading volume.<\/p>\n
The shift could be a reflection of the cryptocurrency\u2019s growing prominence among investors in the Asian country.<\/p>\n
According to data from CryptoQuant shared<\/a> by market analyst Kate Young Ju, Upbit has surpassed Binance as the biggest holder of XRP, with \u201ctwice as much\u201d of the token as the world\u2019s largest crypto exchange.<\/p>\n Additionally, the South Korean exchange also leads in XRP trading volume, with figures<\/a> from CoinMarketCap showing it was responsible for over 14% of the asset\u2019s total trading turnover.<\/p>\n On the other hand, Binance accounted for nearly 12% of the coin\u2019s trading activity, with the next closest being Coinbase at 7.27%. Bybit, Bitget, and Gate.io respectively accounted for 3.16%, 2,84%, and 2.39% of XRP\u2019s transaction count.<\/p>\n Upbit recently moved 30 million XRP worth $95 million, sparking volatility and fueling speculation about the so-called \u201cKimchi Premium\u201d driving demand. The metric is a phenomenon where crypto assets trade at higher prices in South Korea compared to other markets around the world.<\/p>\n Market watchers have suggested that if South Korean traders continue their aggressive buying spree, the volatility of Ripple\u2019s native token may intensify.<\/p>\n Recent market turbulence has also added to the drama. Last week, after the market-wide crash, which raised concerns about the start of a bear cycle, XRP surged nearly 50% in a single day, hitting the $3 level<\/a> before retreating to $2.70. Analysts have suggested that a failure to break through that resistance could push the asset\u2019s price toward the $1.60 range.<\/p>\n Its performance was mostly triggered by U.S. President Donald Trump\u2019s announcement<\/a> of the creation of a strategic national crypto reserve that could include XRP, among several other major altcoins. The statement fueled bullish sentiment, but gains were shortlived, as a sell-off at the beginning of the week wiped out all recent price upticks.<\/p>\n Whales have also been busy, scooping<\/a> more than 270 million XRP in 48 hours, signaling strong confidence in the cryptocurrency\u2019s future.<\/p>\n As of now, the broader market is awaiting clarity on the strategic reserve\u2019s framework, which many feel could significantly impact investor sentiment, especially with a White House Crypto Summit<\/a> set for Friday this week.<\/p>\n At the time of this writing, the cryptocurrency was up almost 5% in the last 24 hours and 8.9% across seven days. In that time, it outperformed the wider crypto market which is also up 4.5%.<\/p>\n The post Upbit Overtakes Binance as the Leading XRP Market in Holdings and Trading Volume<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" South Korean crypto exchange Upbit has emerged as the leading force in the Ripple market. It holds double the amount of XRP as Binance and accounts for more than 14% of its global trading volume. The shift could be a reflection of the cryptocurrency\u2019s growing prominence among investors in the Asian country. Upbit\u2019s XRP Share […]<\/p>\n","protected":false},"author":0,"featured_media":49965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-49964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/49964"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49964"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/49964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/49965"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}XRP\u2019s Market Performance<\/h2>\n