The recent rally against the XRP’s $3 mark has been driven primarily by intense trading activities in Korea. Available data shows that Upbit, the country’s major exchange, played a central role in this surge.
On July 12, Crypto Analyst Dom highlighted that net purchase pressure of XRP 45 million in spot markets has driven price movements from $2.60 to $3.00.
Upbit drives XRP spikes as it holds retail enthusiasm Korea
He said 70% of this volume comes from Upbit alone, accounting for 32 million XRP. Other exchanges, including Coinbase (11%), Kraken (9%), and BitStamp (6%), played a smaller role in the rally.
In contrast, Binance, a key player in spot market movements, has registered a negative pure volume, highlighting the intensive nature of this rally in the Korean market.
Data from Coingecko is consistent with this observation, indicating that Upbit’s XRP trading volume has reached nearly $500 million within the last 24 hours. This will increase the volume of both Bitcoin and Ethereum combinations on the platform.
This level of activity underscores the growing dominance of South Korean retail participants, which drives the price momentum of Altcoin like XRP.
In particular, Korean traders have previously promoted euphoric rally in the cryptocurrency market.
More than 7 million Koreans (15% of the population) are currently registered on local exchanges, according to Bloomberg.
Many of these traders have missed out on Bitcoin’s early growth and are turning their eyes to Altcoins like XRP. This currently accounts for the majority of Korea’s crypto trading volume.
Some of the Crypto community have expressed concern about the sustainability of retail-driven pricing movements.
However, Dom suggests that such dynamics reflect the evolving nature of regional markets.
“They really have a big impact on XRP. Yes, I’m not necessarily saying it’s good, but I’m not saying it’s bad. It’s just a market and maybe the market at one point is much more interested than another,” Dom explained.
Meanwhile, this new focus on XRP is as the coin’s ecosystem continues to experience rapid expansion.
Over the past month, XRP ledgers have grown significantly by consolidating new updates and introducing new products such as USDC Stablecoins into network operations.
Furthermore, speculation continues to swirl around the possibilities of the Spot XRP Exchange-Traded Fund (ETF). This potential development could further strengthen the presence of tokens in traditional financial markets.
Furthermore, the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) appears to be coming to an end.
Ripple CEO Brad Garlinghouse recently announced that the company would drop its cross appeal in the incident.
These combined factors, along with current bull market sentiment, have contributed to XRP’s continued upward trajectory in recent weeks.
The XRP Postrury is being driven by Korean traders who first appeared on Beincrypto.
