XRP Challenges Bitcoin in Key Metric as South Korean Crypto Market Roars Back to Life

XRP just went toe-to-toe with Bitcoin where it counts—and the timing couldn't be more explosive.

South Korean Trading Frenzy Ignites

While traditional finance types were busy rearranging deck chairs on the Titanic, South Korea's crypto market snapped awake like a bear coming out of hibernation. Trading volumes surged as retail investors dove back into digital assets—with XRP capturing an unprecedented share of the action.

The Metric That Matters

Forget price charts for a second. The real battle's happening in adoption metrics that actually reflect real-world usage. XRP's trading velocity and network activity metrics are now running parallel to Bitcoin's dominance—something that would've been unthinkable just months ago.

Regulatory Thaw Fuels Fire

South Korea's gradual warming to crypto regulation created the perfect storm. With clearer rules on the horizon, exchanges saw deposit inflows spike and XRP pairs traded at premiums that made Wall Street's penny-stock pumps look amateurish.

This isn't just another altseason story. It's a fundamental shift in how global markets value utility versus pure speculation—and XRP's positioning suggests the financial dinosaurs might finally be getting their extinction notice.

Upbit’s Unusual XRP Reserve Levels

On-chain data shows how XRP is beginning to challenge Bitcoin’s long-standing dominance in South Korea, where trading activity is among the most vibrant globally. As the leading cryptocurrency, most exchanges across the world hold Bitcoin as the dominant reserve asset, with BTC traditionally accounting for the largest share of exchange portfolios. This has been the case because exchange reserves are shaped by customer demand, and Bitcoin has been the preferred asset for traders.

However, it would seem the Korean market is bucking the trend, and investors are getting more inclined to XRP. According to on-chain data from CryptoQuant, which was first posted on the social media platform X by an analytics account called CryptoOnchain’s, XRP is challenging Bitcoin’s dominance on Upbit, which is the biggest crypto exchange in South Korea. 

This trend began in December 2024, when Upbit started significantly increasing its XRP reserves. At the time of writing, the amount of XRP held by the exchange is now at levels that rival its bitcoin holdings. 

As shown in the chart below, XRP’s USD value in Upbit’s reserves has risen steeply alongside Bitcoin’s since the beginning of the year, with XRP even breaking above $20 billion briefly before retracing.

As of now, the value of XRP reserves on Upbit is around $18 billion, only slightly below Bitcoin’s $20 billion on the platform. For comparison, Ethereum’s holdings on Upbit are just a little above $5 billion. This shows how XRP has carved out a position much closer to Bitcoin than any other major cryptocurrency on the exchange.

Implications For The Altcoin’s Future Demand

Monitoring these reserve trends at Upbit could serve as an important indicator for XRP’s trajectory in the months ahead. Given Upbit’s large influence in Asia, its portfolio balance has implications beyond its own platform, and it could shape XRP’s demand and price action within the continent. 

Trading data has shown periods of exceptionally high XRP trading volume and activity on Upbit in the past. If the altcoin continues to maintain parity with Bitcoin in Upbit’s reserves, it WOULD signal a deep structural preference for the token in one of the world’s most active trading hubs, and this would, in turn, add weight to bullish arguments of a sustained upward price momentum.

At the time of writing, XRP is trading at $2.81, down by 6.5% in the past 24 hours.