The recent XRP rally to the $ 3 mark was mainly motivated by an intense commercial activity in South Korea. The available data show that Upbit, the first exchange of the country, played a central role in this wave.
On July 12, Crypto Dom analyst stressed that a net purchase pressure of 45 million XRP on cash markets fueled the price movement from $ 2.60 to $ 3.00.
Upbit leads to XRP Spike while the retail fervor seizes South Korea
According to him, 70% of this volume came from Upbit alone, which represented 32 million XRP. Other exchanges, including Coinbase (11%), Kraken (9%) and Bitstamp (6%), played smaller roles in the rally.
On the other hand, Binance, generally a key player in cash movements in cash, has recorded a negative net volume, highlighting the concentrated nature of this rally on the South Korean market.
Coingecko data align with this observation, showing that the XRP trading volume on Upbit has reached nearly $ 500 million in the past 24 hours. This goes beyond the combined trading volume of Bitcoin and Ethereum on the platform.
This level of activity underlines the growing domination of participants in the Korean retail trade in price dynamics for altcoins like XRP.
South Korean traders have notably led euphoric rallies on the cryptocurrency markets.
According to Bloomberg, more than 7 million South Koreans – or 15% of the population – is now registered on local exchanges.
Many of these traders, having missed early Bitcoin growth, have turned to altcoins like XRP, which now represents an important part of the crypto trading volume in South Korea.
Some members of the cryptographic community have expressed concerns about the sustainability of retail price movements.
However, DOM suggests that such dynamics reflect the evolutionary nature of regional markets.
“They really have a big impact on XRP. And yes, I would not necessarily say it’s good. But I would not say that it is bad. It’s just a market and a market can have much more interest at a given time than another market,” said Dom.
Meanwhile, this concentration renewed on XRP occurs while the ecosystem of the part continues to undergo rapid expansion.
During the last month, the Ledger XRP developed considerably by integrating new updates and introducing new products, such as USDC Stablecoins, in network operations.
In addition, speculation continues to swirl on the possibility of an XRP (ETF) SPOT XRP stock market fund. This potential development could further consolidate the presence of the token on traditional financial markets.
In addition, the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) of the United States seems to deepen.
The CEO of Ripple, Brad Garlinghouse, recently announced that the firm would abandon its transversal attitude in the case.
These combined factors, alongside current feelings of the Haussier market, have contributed to the continuous ascending trajectory of XRP in recent weeks
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