u.today
31 December 2025 06:46, UTC
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.
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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 $XRP represented on this list.
Uphold has historically positioned itself as an "$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.
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.
