In an ecosystem dominated by the large global platforms, it is a regional player who surprised the whole market. In the space of a few hours, the XRP flew from $ 2.60 to $ 3.00, powered by a massive influx of orders on Upbit, the main South Korean scholarship. While Binance and Coinbase usually make rain and good weather, it is Seoul who, this time, took control of the destiny of one of the oldest altcoins on the market.
In short
- The XRP experienced a quick flight from $ 2.60 to $ 3.00, carried almost exclusively by South Korean traders.
- Exchange Upbit alone concentrated 70 % of net spot purchases, or 32 million XRP exchanged in 24 hours.
- The XRP exchange volume on Upbit exceeded $ 500 million, eclipiding Bitcoin and Ethereum on the platform.
- Other major platforms such as Binance, Coinbase or Kraken have played a secondary, even negative role.
A concentrated rally: when Upbit dictates the price of XRP
While Bitcoin crossed historical peaks, a spectacular bullish movement of the XRP drew the attention of analysts on July 12. In the space of a few hours, the crypto jumped $ 2.60 to $ 3.00, supported by an unexpected dynamic from South Korea.
Analyst Dom stressed on the social network X that the thrust came from a massive influx of purchase orders on the Spot market: ” These are 32 million XRPs from Upbit “, He said, out of a total of 45 million XRP of net buying pressure. This purchasing imbalance has clearly moved the center of gravity of the market to Seoul.
Here is how the net spot purchase volumes were distributed having fueled this rally:
- Upbit: 32 million XRP (≈ 70 % of the total net);
- Coinbase: 11 %;
- Kraken: 9 %;
- Bitstamp: 6 %;
- Binance: negative net volume.
According to Cooring datathe XRP exchange volume on Upbit came close to $ 500 million in 24 hours, even exceeding that of Bitcoin and Ethereum on the platform. This figure testifies to the magnitude of the phenomenon.
Contrary to the idea of a global rally, the rest of the world market played a minor, even opposite role. “”I wouldn't say it's good or bad. It's just the market. Sometimes a market attracts more attention than another“Said Dom, calling for interpreting these imbalances as a natural evolution in the geography of crypto flows.
A South Korean obsession for XRP: between catch-up and transformation
Behind this runaway for XRP hides a well anchored reality: almost 15 % of the South Korean population, or more than 7 million people, are recorded on local exchanges, According to Bloomberg.
A majority of them are private investors, often young, and many people believe they have“Failed”The Bitcoin train. The Ripple crypto, by its relative accessibility and its history of strong variations, has become one of the most popular cryptos in this context.
It is therefore not the first time that South Korea has caused a spectacular increase in an Altcoin: the phenomenon, well known to analysts, seems to reproduce with all the more vigor as the global market takes up colors.
However, the current craze is not only based on speculation. In recent weeks, the XRP ecosystem has undergone several major developments, including the integration of the USDC on the XRP LEDGER, as well as a reinforced technical activity on the network.
At the same time, persistent rumors of an XRP ETF continue to feed speculation, and could change the situation if it were approved. In addition, the case opposing Ripple to the dry seems to come to an end, after Ripple Labs announced the abandonment of his call. So many elements which, combined, reinforce the attraction of crypto in the eyes of a Korean community very sensitive to regulatory and institutional developments.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
