XRP Price May Be ‘Controlled’ By This Market, Says Analyst
Upbit exchange in South Korea may significantly influence the spot price of XRP, the fifth-largest cryptocurrency. An analyst noted that as Korean selling pressure eased, XRP found a local bottom, despite continued selling on Binance. A chart indicated that while Binance's cumulative-volume-delta (CVD) showed sustained net selling, Upbit's CVD flattened after a drawdown of approximately 35 million XRP, coinciding with a price reversal. Since April, Upbit has been identified as a major player in XRP trading, with substantial net selling recorded. In July, Upbit processed $110.2 billion in volume, representing 6.4% of global exchange turnover. The XRP/KRW pair accounted for 24% of Upbit's 24-hour volume. This trend highlights the impact of regional exchanges on asset flows, with South Korean retail interest in XRP continuing to drive significant market activity. At the time of reporting, XRP was priced at $3.05, reflecting a 4.8% increase in 24 hours.
