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- South Korea’s Upbit now holds the largest XRP reserves, surpassing Binance, according to CryptoQuant data.
- XRP’s price surge in South Korea may be influenced by the Kimchi Premium, where local prices exceed global averages.
- Speculation around Trump’s plan to include XRP in a U.S. crypto reserve has fueled market excitement.
Upbit, South Korea’s premier cryptocurrency exchange, has recently surged to the forefront of the crypto market. According to data from CryptoQuant, Upbit now holds the largest XRP reserves among all tracked exchanges. This remarkable rise places Upbit ahead of other major platforms, including Binance, which has half the XRP reserves of the South Korean exchange.
This growth follows President Donald Trump’s revelation about plans for a U.S. crypto reserve featuring XRP alongside other tokens, further fueling global attention on the asset.
Notably, analyst Kate Young Ju highlighted this development in a recent post on X, drawing attention to how XRP trading is becoming increasingly popular in South Korea. As the largest holder of XRP reserves, Upbit is leading in storage and trading volume.
According to CoinMarketCap, Upbit dominates 14.37% of the total XRP trading volume, outpacing Binance, which accounts for 12%. This surge in trading activity has raised questions about the drivers behind this sharp increase.
Kimchi Premium’s Impact on XRP Prices
One possibility lies in the concept of the Kimchi Premium, a phenomenon in which crypto prices in South Korean markets are higher than those in global markets due to capital controls and market inefficiencies. This discrepancy results in inflated local prices, which, when factored into global averages, may make prices appear higher than they are.
However, it’s important to note that Google Trends data shows a significant rise in search interest for “XRP” in South Korea, reaching its highest levels in the past five years.
This surge in interest indicates a broader trend of South Korean investors becoming more active in cryptocurrency. Over 30% of the country’s population is now involved in crypto investments. XRP, in particular, has seen strong support from this investor base, fueling its trading volume and market value.
XRP Surges on Trump’s Crypto Reserve Plan
A key driver behind XRP’s recent spike in interest may be President Trump’s proposal to include XRP in a U.S. crypto reserve alongside assets like Solana (SOL) and Cardano (ADA). This revelation sparked intense speculation and excitement in the market, with XRP seeing a price surge as investors flocked to the token.
Although XRP’s price experienced a subsequent decline, driven by skepticism around the feasibility of Trump’s crypto reserve plan, analysts remain optimistic about its potential. Many believe XRP is undervalued, presenting a buying opportunity for investors willing to take a longer-term view.
Despite the optimism, XRP’s future remains clouded by regulatory uncertainty. One of the major hurdles for cryptocurrency is the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which has questioned whether XRP should be classified as a security. However, there is speculation that the SEC may drop its lawsuit by April, which could boost XRP significantly, potentially unlocking further adoption and investment opportunities.
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