Upbit holds the biggest XRP reserves among CEXs, accumulates ‘Made in USA’ tokens
South Korean Exchange Upbit Leads XRP Accumulation, Surpassing Binance
Upbit Becomes the Largest Holder of XRP Tokens
The growing popularity of XRP among US traders has coincided with a significant accumulation of the token by South Korean exchanges—most notably Upbit. This trend has propelled Upbit to surpass Binance in XRP reserves, making it the largest holder of the digital asset.
Currently, Upbit holds an impressive **5.96 billion XRP tokens**, nearly **double Binance’s reserves of 2.9 billion XRP**. This marks a notable shift in XRP’s trading landscape, as Upbit solidifies its role as a major liquidity provider for the token.
XRP has emerged as the **most actively traded asset on Upbit**, with daily trading volumes exceeding **$651 million**. The exchange's strong presence in the XRP market places it on par with Binance in terms of trading activity. Moreover, Upbit offers a **Korean won (KRW) premium** on XRP, sometimes driving its price higher than global averages.
#### XRP’s “Made in USA” Narrative Gains Momentum
XRP has seen renewed interest, partly due to its positioning as a **“Made in USA”** cryptocurrency. The asset, which previously faced legal uncertainties, has rebounded significantly following the **US Securities and Exchange Commission’s (SEC) decision to drop its prolonged lawsuit** against Ripple Labs. This legal clarity has helped restore XRP’s status as a valuable asset in the global crypto market.
Upbit has also benefited from **Binance’s regulatory-driven decision to restrict and delist XRP trading pairs**. With Binance scaling back its XRP offerings, Upbit has stepped in as a dominant player, driving much of XRP’s current trading activity through its KRW pairs.
As a result, XRP has experienced price fluctuations, with the **Upbit premium pushing its value to $2.65**, while most other exchanges priced it around **$2.58**. The Korean won’s growing influence in XRP trading has been notable, with KRW-based trading volumes **accounting for over 20% of total XRP activity**.
#### South Korea’s Growing Interest in US-Linked Crypto Assets
Upbit’s increased accumulation of XRP reflects a broader trend of **active trading in US-affiliated crypto assets**. The recent surge in XRP transactions aligns with growing speculation that the **US government may consider strategic cryptocurrency reserves**. Additionally, XRP’s rally has been fueled by discussions surrounding **potential crypto-friendly legislation** in the US.
Other South Korean exchanges have adopted varying strategies regarding XRP. **Bithumb** has resumed accumulating XRP, now holding **over 1.5 billion tokens**, while **KuCoin** has divested some of its XRP holdings in recent months.
Upbit has also seen rising trading volumes for **Ondo (ONDO)**, a token linked to US-based crypto activities. ONDO, which is associated with **real-world asset (RWA) tokenization**, has drawn investor interest due to its connection to **Trump’s World Liberty Fi fund**.
ONDO traded at **$1.19 on Upbit**, slightly above the **$1.17 price on other exchanges**, reflecting a small KRW premium. Additionally, Upbit’s wallets have **significantly increased their ONDO holdings**, rising from **280 million to 391 million ONDO tokens** since the start of the year.
Notably, **Ondo’s founder, Nat Eliason, is scheduled to attend a White House crypto meetup**, alongside top industry figures such as **Ripple Labs CEO Brad Garlinghouse**.
#### XRP’s Open Interest Surges as Market Sentiment Shifts
XRP’s recent market surge has also led to a **rapid recovery in open interest**. Within hours, the asset’s open interest **rose by $100 million**, climbing from **$1.44 billion to $1.54 billion**.
However, **68% of XRP’s current open interest consists of long positions**, raising concerns about potential liquidations. In fact, the latest price surge triggered **$1.82 million in liquidations within just one hour**, making XRP the most liquidated asset in the short term.
This rally has primarily impacted **short-position holders**, as XRP’s price breakout forced the liquidation of bearish bets. The prevailing narrative of **US adoption and regulatory clarity** continues to drive bullish sentiment, with some analysts predicting that XRP could **break past the $3 mark** in the near future.
While **retail sentiment remains neutral**, **institutional investors and smart money traders** appear to be **strongly bullish** on XRP’s long-term prospects.
#### Conclusion
Upbit’s growing XRP reserves and dominance in trading volumes highlight South Korea’s **increasing influence on the global XRP market**. With the exchange now holding nearly **double the XRP supply of Binance**, its role in shaping price action and liquidity is undeniable.
As **XRP gains momentum on expectations of US regulatory support**, traders and investors continue to monitor whether this trend will push the asset toward new highs. Meanwhile, Upbit’s involvement in other **US-affiliated tokens like ONDO** further solidifies South Korea’s growing presence in the digital asset space.