Major Insights into XRP Holdings on Exchanges

Recent data highlights that a small number of exchanges dominate the XRP market, with Upbit, Binance, Bithumb, and Uphold collectively controlling a significant share of XRP holdings. This article explores the distribution of XRP across these platforms and the implications for the broader market.

Key Takeaways

The top four exchanges—Upbit, Binance, Bithumb, and Uphold—hold about 80% of all exchange-held XRP.
Together, they possess approximately 12.3 billion XRP, with Upbit significantly outpacing Binance.
The South Korean market shows a strong preference for XRP, greatly influenced by the "Kimchi Premium."
Uphold's support for XRP during regulatory challenges has solidified its position in the rankings.
Exchange-traded products currently represent only 1% of XRP supply, although they have seen successful launches.

Total Number of XRPs Held on Exchanges Revealed

Distribution of XRP Among Top Exchanges

Recent analysis reveals that the majority of XRP held on exchanges is concentrated among four major platforms: Upbit, Binance, Bithumb, and Uphold. These exchanges command an impressive 80% market share, holding roughly 12.3 billion XRPs in total.

Concentration of Holders

A notable drop in the total held occurs after the fourth-largest exchange. Uphold sits ahead of Bitbank by a significant margin of 1.1 billion XRP. Interestingly, Upbit stands out with its massive holdings; it holds 2.5 times more XRP than Binance, the world's largest crypto exchange. This trend is particularly pronounced for XRP in South Korea, where it enjoys substantial popularity among retail investors, likely due to the phenomenon known as the Kimchi Premium.

Comparative Market Standing

While Binance typically ranks first for most cryptocurrencies, it holds the second position for XRP. The exchange has a complex custody structure represented by 21 wallets. Bithumb’s presence in third place further emphasizes South Korea's dominant role in the XRP market. Together, Upbit and Bithumb account for more than 52% of the XRP held among the top exchanges.

Uphold's Unique Position

Uphold has branded itself as an "XRP-friendly" platform during periods when other U.S. exchanges delisted XRP due to SEC litigation, which accounts for its notable ranking. Reports from U.Today indicate that XRP frequently ranks as the most traded cryptocurrency on Uphold.

Exchange-Traded Products Insights

Currently, exchange-traded products account for just 1% of the total XRP supply. This figure might appear modest, yet it is important to note that these products have been launched successfully, adding another layer of participation in the XRP ecosystem.

In summary, the data underscores the significant concentration of XRP holdings among a few key exchanges, particularly in the South Korean market, shaping the dynamics of trading and investment in this cryptocurrency.