84% of XRP Sell Pressure Originates from Korea, Analyst Reports
XRP Price Analysis
- XRP has entered a key support zone characterized by long-term volume and mean-reversion levels.
- Market technician Dom highlights the 12-month rolling VWAP as critical, warning of a potential drop to $2 if this level is lost. A recovery would require surpassing $2.50.
- Order books are currently skewed towards bids, but breaking the local low could lead to further declines to $2.
- The 12-month rVWAP acts as a dynamic fair-value proxy; sustained closes below indicate possible deeper probes into high-volume nodes.
Korea's Influence on XRP
- A significant portion (84%) of recent XRP spot selling pressure originates from Upbit in Korea.
- Cumulative Volume Delta (CVD) data shows Upbit with a deeply negative line, while other exchanges like Binance and Coinbase remain relatively stable.
- Analyst IncomeSharks notes a broad demand zone around $2, suggesting a potential retracement to $1.80-$1.70 if the $2 level doesn't hold.
As of now, XRP trades at $2.21.
