According to recent data, the top four exchanges (Upbit, Binance, Bithumb, and Uphold) control the vast majority of the exchange-held supply.
The combined market share of these four crypto giants stands at an enormous 80%. Together, they hold roughly 12.3 billion XRPs.
There is also a drop-off after fourth place. There is a 1.1 billion difference between Uphold and Bitbank.
South Korean dominance
The data shows that Upbit is the clear outlier. The South Korean exchange 2.5x more XRP than the world’s largest exchange, Binance. This is a known market phenomenon specific to XRP. In South Korea, XRP is exceptionally popular among retail investors.
This heavy accumulation is frequently linked to the Kimchi Premium.
Binance is typically in first place for most assets, for XRP it sits firmly in second place. Its 21 wallets show a complex custody structure.
The presence of Bithumb in third place clearly shows the Korean dominance. Combined with Upbit, these two South Korean exchanges alone control over 52% of the XRP represented on this list.
XRP-friendly exchange
Uphold has historically positioned itself as an "XRP-friendly" exchange. It supported the asset during periods when other US exchanges delisted it due to SEC litigation. Hence, their high ranking is not even remotely surprising.
In fact, as reported by U.Today, XRP was the most traded cryptocurrency on the exchange.
XRP ETF share
In the meantime, the share of the XRP supply controlled by exchange-traded products currently stands at only 1%. The percentage might not seem impressive, but these products have had successful launches.
Alex Dovbnya
Arman Shirinyan
Caroline Amosun
Dan Burgin