BEARISH 📉 : Persistent algorithmic selling drives $5B XRP net sell on Upbit

Researcher Dom (@traderview2) has identified a significant algorithmic seller on South Korea's Upbit exchange, offloading approximately 3.3 billion XRP in the XRP/KRW market over the past 10 months.

Key Findings

A persistent selling pattern was observed, with $5 billion net sold through continuous 24/7 activity.
The analysis showed that 61% of trades occurred within 10ms, indicating algorithmic trading.
Upbit's XRP/KRW market experienced net negative sales every month for 10 months, totaling 3.3 billion XRP.
Only one week out of 46 was positive in terms of net buying activity.
Binance’s XRP/USDT market showed significantly less sell pressure in comparison.
XRP traded at a 3-6% discount on Upbit compared to Binance, suggesting sellers accepted worse execution for KRW.
On October 10, a notable shift occurred with premiums flipping from a discount to a premium, increasing trade volume fivefold.

Market Dynamics

Dom highlighted a feedback loop between systematic sellers and retail behavior, where retail buys during price surges while sellers capitalize on these moments.
The selling side predominantly used round-number trade sizes, contrasting with fractional retail-sized purchases.

This ongoing analysis raises questions about the identity of the seller capable of sustaining such activity with specific currency needs or limitations to using Upbit.

At the time of reporting, XRP was trading at $1.45.

XRP price chart