XRP’s recent price surge has been predominantly fueled by intense buying activity from South Korean traders on Upbit exchange, contrasting sharply with net selling observed on Binance. This divergence highlights significant regional differences in cryptocurrency trading behavior.
Market data reveals Upbit accounted for approximately 70% of global net XRP buying volume during the rally. The influx of buy orders pushed XRP’s price toward the $3 threshold before stabilization near $2.79 marks a consolidation phase according to technical analysts.
Binance, the world’s largest cryptocurrency exchange, registered net outflows of XRP during the same period, standing in stark opposition to Upbit’s buying pressure. This regional fragmentation showcases how localized market dynamics can drive price movements independent of global trends.
South Korea’s cryptocurrency market structure played a pivotal role, with altcoins comprising nearly 90% of trading volume on domestic exchanges. This altcoin-dominated trading environment amplified XRP’s upward momentum despite differing patterns on international platforms, underscoring the decentralized nature of cryptocurrency market forces.