Upbit Exchange May Influence XRP Price Dynamics, Analyst Reports

An independent analyst indicates that South Korea’s Upbit exchange significantly influences the spot price of XRP. The trader, known as “Dom,” noted that easing Korean selling pressure coincided with a local bottom for XRP prices.

Key Points on Upbit's Influence

• Upbit halted selling pressure while Binance continued, leading to a price recovery.
• The cumulative-volume-delta (CVD) chart shows a reduction in selling from Upbit after a 35 million XRP drawdown.
• Since April, Dom has highlighted significant XRP/KRW flows at Upbit, including net sales of -220 million XRP worth over $500 million.
• In August, Upbit sold 40 million XRP in one day, more than all other exchanges combined.
• Upbit processed $110.2 billion in volume last month, accounting for 6.4% of global exchange turnover.
• XRP/KRW pair represented 24% of Upbit's daily volume, translating to $444 million.
• Regional exchanges can dominate asset flows despite modest overall market shares, affecting global prices.

As of now, XRP is priced at $3.05, reflecting a 4.8% increase in the past 24 hours.