Noise is a common problem in wearable electrocardiogram (ECG) monitoring systems because the presence of noise can corrupt the ECG waveform causing inaccurate signal interpretation. By comparison with electromagnetic interference and its minimization, the reduction of motion artifact is more difficult and challenging because its time-frequency characteristics are unpredictable. Based on the characteristics of motion artifacts, this work uses adaptive filtering, a specially designed ECG device, and an Impedance Pneumography (IP) data acquisition system to combat motion artifacts. The newly designed ECG-IP acquisition system maximizes signal correlation by measuring both ECG and IP signals simultaneously using the same pair of electrodes. Signal comparison investigations between ECG and IP signals under five different body motions were carried out, and the Pearson Correlation Coefficient |r| was higher than 0.6 in all cases, indicating a good correlation. To optimize the performance of adaptive motion artifact reduction, the IP signal was filtered to a 5 Hz low-pass filter and then fed into a Recursive Least Squares (RLS) adaptive filter as a reference input signal. The performance of the proposed motion artifact reduction method was evaluated subjectively and objectively, and the results proved that the method could suppress the motion artifacts and achieve minimal distortion to the denoised ECG signal.