Recent data shows that the top four exchanges (Upbit, Binance, Bithumb, and Uphold) control the majority of the supply held by exchanges.
The combined market share of these four crypto giants amounts to a whopping 80%. In total, they hold approximately 12.3 billion XRP.
There is also a drop in rankings after 4th place. There is a difference of 1.1 billion between Uphold and Bitbank.
Korea’s advantage
The data shows that Upbit is a clear outlier. The Korean exchange holds 2.5 times more XRP than the world’s largest exchange, Binance. This is a known market phenomenon specific to XRP. In South Korea, XRP is very popular among retail investors.
This large accumulation is often associated with kimchi premium.
Binance is usually number one for most assets, but it sits firmly in second place for XRP. Its 21 wallets exhibit a complex storage structure.
The presence of Bithumb in 3rd place clearly shows South Korea’s superiority. Together with Upbit, these two Korean exchanges alone control over 52% of the XRP on this list.
XRP friendly exchange
Uphold has historically positioned itself as an “XRP friendly” exchange. Other US exchanges supported the asset during a period when it was delisted due to SEC litigation. Therefore, their high ranking is not at all surprising.
In fact, as reported by U.Today, XRP was the most traded cryptocurrency on the exchange.
XRP ETF Share
Meanwhile, the share of XRP supply currently dominated by exchange-traded products is only 1%. While this percentage may not be surprising, these products have been successfully launched.
