On July 12, analyst Crypto Dom stressed that the net purchase pressure of 45 million XRP on cash markets fueled the price movement of 2.60 to 3.00 dollars.
Upbit generates an increase in XRP
According to him, 70 % of this volume came from Upbit alone, representing 32 million XRP. Other Exchanges, including Coinbase (11 %), Kraken (9 %) and Bitstamp (6 %), played more modest roles in the rally.
On the other hand, Binance, generally a key player in the swing market movements, has recorded a negative net volume, highlighting the concentrated nature of this rally on the South Korean market.
Coingecko data confirm this observation, showing that XRP trading volume on Upbit has reached nearly $ 500 million in the past 24 hours. This exceeds the combined trading volume of Bitcoin and Ethereum on the platform.
This level of activity highlights the growing domination of the Korean private participants in the price of altcoin prices as XRP.
It is interesting to note that the South Korean traders have already caused euphoric rallies on the cryptocurrency market.
According to Bloomberg, more than 7 million South Koreans, or around 15 % of the population, are now registered on local exchanges.
Many of these traders, having missed the initial growth of Bitcoin, turned to altcoins like XRP, which now represents a considerable part of the South Korea trading volume.
Some members of the Crypto community have expressed concerns about the sustainability of price movements driven by private investors.
However, DOM suggests that such dynamics reflect the evolutionary nature of regional markets.
“They really have a significant impact only on XRP. And no, I wouldn’t necessarily say that it is good. But I wouldn’t say it’s bad either. It’s just a market, and a market can have much more interest at a given time than another market, “said Dom.
In parallel, this renewed interest in XRP takes place while the ecosystem of the play experiences a rapid expansion.
During last month, the XRP LEDGER has evolved considerably by integrating new updates and introducing new products, such as USDC Stablecoins, in network operations.
In addition, speculations continue to circulate on the possibility of an ETF XRP in cash. This potential development could further strengthen the presence of token in traditional financial markets.
In addition, the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) of the United States seems to be coming to an end.
The CEO of Ripple, Brad Garlinghouse, recently announced that the company will abandon its crossed call in the case.
These combined factors, alongside the current market feelings of the market, have thus contributed to the continuous ascending trajectory of the XRP in recent weeks.
Morality of history: There is always a region of the world to push the XRP when the rest forgets it.
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