This highlights XRP’s strategic role and growing dominance in South Korea’s crypto ecosystem.
What's Fueling XRP’s Dominance in South Korea?
Whale Accumulation & Reserve Shuffling
Whale Alert reported a 30 million XRP ($95.5 M) transfer from Upbit to an unknown wallet — potentially a large investor moving tokens off-exchange for long-term holding, or routine hot/cold wallet management by Upbit itself.
Upbit Holds the Majority of XRP Reserves
Upbit now holds approximately twice the XRP reserves of Binance and accounts for roughly 14–17% of global XRP volume. Recent spikes saw XRP/KRW trades making up nearly 18% of Upbit’s total volume.
“Kimchi Premium” and Local Demand
South Korean crypto often trades at a premium due to capital controls and local demand shortages. This price gap — the so‑called “Kimchi Premium” — makes XRP attractive locally.
Real-World Utility in Remittances
South Korea’s domestic apps, such as Toss and KakaoPay, are efficient, but international transfers remain slow and costly. XRP & Ripple's cross-border solutions like Coinone’s Cross are filling this gap.
A Unique Safe-Haven Asset
Many Korean traders view XRP as an alternative to traditional finance, especially during political or banking stress. A recent analysis noted XRP’s trading volume surpassed Bitcoin by threefold during domestic turmoil.
XRP Eyes a Breakout to $2.40
As XRP continues to call the shots in South Korea, the 4th-largest cryptocurrency based on market capitalization is gearing up for a bullish run to $2.40.
Market analyst Lingrid pointed out, “XRP has rebounded off the support line after a sharp dip, reclaiming key territory above $2.10 and pressing against a descending trendline. Price action is tightening within a symmetrical triangle as bulls test breakout pressure. Sustained movement above $2.20 may confirm an upside breakout toward the $2.35–$2.40 region.”
At the time of writing, XRP was trading at $2.18, illustrating that it’s just a stone’s throw away from the major resistance zone of $2.20.
Therefore, time will tell how XRP shapes up in the short term.
Why XRP's Adoption Is Skyrocketing with Over 7.1 Million Wallets Recorded
XRP is witnessing a sharp surge in adoption, as evidenced by the growing number of wallets now surpassing 7.1 million. This milestone underscores increasing investor confidence, growing real-world utility, and a shift in institutional sentiment toward Ripple’s digital asset.
A key driver behind this rapid adoption is XRP’s speed and cost-efficiency. With transaction times as low as 3-5 seconds and minimal fees, XRP has positioned itself as an ideal asset for cross-border payments.
Financial institutions and remittance services globally are turning to RippleNet, Ripple’s payment network, which leverages XRP for on-demand liquidity (ODL). This infrastructure enables near-instant settlement without the need for pre-funded accounts, drastically reducing capital requirements for banks.
Legal clarity in the United States has further accelerated XRP adoption. After a prolonged legal battle, a U.S. court ruled in 2023 that XRP is not a security when sold on exchanges
This emerged as a landmark decision that unlocked new institutional partnerships and retail investor confidence. Exchanges that had previously delisted XRP began relisting it, fueling liquidity and market activity.
Additionally, XRP’s integration into mainstream financial services and its role in decentralized finance (DeFi) have expanded its utility.
Developers are actively building smart contracts and tokenized asset systems on the XRP Ledger using Hooks and sidechains. These innovations are attracting a new wave of builders and users to the ecosystem.
The increase in XRP wallets also reflects broader global interest, particularly in regions like South Korea, where trading volume has spiked on platforms like Upbit. Retail interest is surging, with investors increasingly viewing XRP as a long-term digital asset rather than a speculative trade.
Moreover, Ripple’s ongoing partnerships with central banks to explore CBDC (Central Bank Digital Currency) issuance using the XRP Ledger have helped legitimize its use case on a global scale. This blend of institutional use, technological advancement, and regulatory progress is creating a perfect storm for adoption.
As the crypto landscape matures, XRP stands out for its utility-driven growth. The jump to over 7.1 million wallets is not just a number, it’s a reflection of a network gaining real traction across finance, remittances, and DeFi.
With legal hurdles mostly behind it and global demand rising, such as swirling rumours of Amazon considering XRP payments, XRP’s adoption curve may just be getting started.
Conclusion
The $95 million daily volume is not just another large trade, it’s a symbol of XRP's deepening integration into South Korea’s financial and crypto infrastructure.
Furthermore, XRP exploding wallets to the tune of more than 7.1 million show that the altcoin’s adoption rate continues to gain steam.
These bullish on-chain metrics show that XRP might be gearing up for a 2.40 breakout.
