A prominent market analyst has spotlighted a surprising influence over XRP’s pricing: South Korea’s Upbit exchange. According to Dom (@traderview2), an independent analyst scrutinizing on-chain order-flow data, Upbit may exert a more significant impact on XRP’s spot price than previously acknowledged. Recent data suggests that when Upbit’s selling pressure waned, XRP’s price found a local bottom, despite continued selling on Binance.
The Upbit Effect: A Hidden Power?
Dom’s analysis, shared via a series of posts on X, reveals intriguing insights. The 48-hour cumulative-volume-delta (CVD) chart from August 2 to 4 shows a flattening of Upbit’s CVD line after a substantial sell-off of 35 million XRP. This coincided with a reversal in XRP’s price trajectory, hinting that the easing of Korean selling pressure might have been a pivotal factor. “Korean market Upbit may actually control the price of XRP more than we think,” Dom noted, emphasizing that the market has been “slowly staircased up since, with a potential TWAP happening on Coinbase.” This follows a pattern of market shifts, as explored in our recent coverage of XRP leading market gains amid broader crypto fluctuations.
While Binance’s CVD line continued to decline, signaling persistent selling, Upbit’s shift in activity may have alleviated a major obstacle for XRP. This pattern aligns with Dom’s earlier observations of Upbit’s massive XRP flows, which he describes as “absurd size,” marking the exchange as a key player in the XRP market dynamics.
A Deeper Dive into Upbit’s Influence
It’s not the first time Upbit’s XRP activity has caught attention. Back in May, Dom flagged a net sale of 220 million XRP since April 11, amounting to over $500 million at that time. More recently, on August 2, Upbit reportedly market-sold 40 million XRP in a single day, surpassing the combined sales of all other venues. Historical data from April showed similar large-scale sell-offs, with Upbit’s market orders accounting for a significant portion of XRP transactions.
These figures are particularly noteworthy given Upbit’s status as one of the world’s most prominent spot exchanges. In July, the Seoul-based platform handled $110.2 billion in volume, representing 6.4% of global exchange activity, surpassing major players like Bitget and Bybit. XRP’s dominance on Upbit’s order books is evident, capturing 24% of the exchange’s 24-hour volume, overshadowing even Bitcoin and Ethereum.
Broader Implications for XRP and Beyond
While the data doesn’t establish a direct causal relationship, it does underscore a crucial observation: regional exchanges, even those seemingly modest in overall crypto activity, can wield outsized influence over specific asset flows. South Korean enthusiasm for XRP, nurtured during the 2017 bull cycle, continues to channel substantial volume into the KRW market, shaping global price movements when the tide turns. This dynamic is reminiscent of recent market trends where crypto markets experienced significant shifts, highlighting the volatility and influence of regional exchanges.
This development raises questions about the future trajectory of XRP and the role of regional exchanges in global cryptocurrency markets. As XRP currently trades at $3.05, up 4.8% in the past 24 hours, industry players are left pondering whether Upbit’s influence will persist or if new dynamics will emerge.
In a rapidly evolving landscape, analysts and traders alike will be watching closely. The dynamics at play on platforms like Upbit may not only shape the future of XRP but also offer insights into the complex interplay of regional and global forces in the crypto world. As always, the market remains unpredictable, with each new development potentially rewriting the rules of the game.
Source
This article is based on: XRP Price May Be ‘Controlled’ By This Market, Says Analyst
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
