Upbit, the largest crypto currency exchange in South Korea, has signed an important milestone and has become a stock market with the largest XRP reserves around the world. Leaving Binance behind, UPbit, which has achieved this success, attracts attention with its XRP trade volume and increasing interest in South Korea. This change is experienced at a time when XRP attracted great attention in South Korea, and the trade volume is increasing day by day.
XRP attracts attention in South Korea
A few days ago, US President Donald Trump announced his plans to create a crypto currency reserve that would include XRP and other token. UPbit has twice the XRP reserves of Binance, which shows the increasing interest in the XRP trade in South Korea. Crypto Analysis Specialist Kate Young Ju pointed out that the impact of UPbit on XRP increased and shared this on the X platform.
Upbit is not only with the largest XRP reserve, but also the leader in the XRP trade volume. According to CoinMarketCAP data, the UPbit holds 14.37 %of the total trade volume of the total XRP and leaves Binance (12 %) behind. Some analysts think that some of this increase is caused by Kimchi Premium, which expresses the price difference between South Korea and global crypto markets.
Kimchi Premium defines a situation where crypto prices in South Korea are higher than other markets. This difference stems from capital control and market inefficiency in South Korea, causing local prices to swell. When this price difference is reflected in the global averages, the value of XRP may look higher than it is.
Trump’s crypto currency reserve also Ripple
Google Trends data shows that “XRP” searches in South Korea have reached the highest level of the last five years. While interest in crypto currencies increases, more than 30 %of the population has crypto assets. Coin was one of the most useful crypto coins that benefited from this increasing interest.
One of the reasons why XRP has recently risen is Trump’s crypto currency reserve suggested. This reserve includes important assets such as Solana (left) and Cardano (island) as well as XRP. The announcement led to an increase in the price of XRP and attracted the attention of investors. However, this price increase did not last long. Doubts about Trump’s crypto reserve plans withdrew the XRP’s price, causing a correction in the market. However, analysts think that XRP is still worth and has a growth potential.
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