South Korean exchange Upbit has increased its XRP holdings, surpassing even Binance, indicating growing interest in the token associated with the US crypto sphere.
XRP Reserves on Upbit
Upbit accumulated over 5.96 billion XRP tokens, outpacing Binance's 2.9 billion XRP. The exchange offered a Korean won premium on XRP trades, spurring significant activity on its platform.
XRP Trading Activity
XRP became the most actively traded asset on Upbit, with daily volumes exceeding $651 million. The exchange nearly matches Binance in activity, with the Korean won accounting for a substantial portion of trading volumes, often reaching 20% of all operations.
XRP Position Recovery
The recent market enthusiasm has helped XRP rebuild its positions, increasing open interest by $100 million. Despite these gains, more than 68% of positions remain long, raising concerns about potential liquidations.
XRP continues to attract attention on South Korean exchanges, particularly due to its link to US initiatives for supporting crypto assets, providing attractive conditions for traders.
