XRP News Today: Upbit's XRP Sales Linked to Price Reversal Amid 35M Token Draw-Down

An independent market analyst known for tracking on-chain order-flow data has highlighted the potential influence of South Korea’s Upbit exchange on the spot price of XRP, the fifth-largest cryptocurrency by market capitalization. The trader, known as “Dom” (@traderview2), shared a cumulative-volume-delta (CVD) chart across eight major exchanges, suggesting that Upbit’s selling pressure eased around the time XRP hit a local bottom [1].

The chart, covering the period from 2 to 4 August, illustrates net market buys and sells on exchanges such as Binance, Coinbase, Bybit, OKX, Kraken, Bitstamp, and Upbit, compared to XRP’s average spot price. While Binance continued to show net selling, Upbit’s volume delta flattened after a significant draw-down of about 35 million XRP, which coincided with a reversal in the price trend [1]. This has led Dom to suggest that Upbit may exert more control over XRP pricing than previously assumed.

Dom’s observations build on earlier remarks from April, when he flagged large-scale XRP trading on Upbit. For instance, on 6 May, he noted a net sale of 220 million XRP since 11 April—equivalent to over $500 million at the time. On 2 August, he reported a 24-hour market sale of 40 million XRP on Upbit, more than all other exchanges combined. Earlier records on 6 and 16 April showed net sales of 50 million and 30 million XRP respectively, with over half of all trades involving market sell orders [1].

Upbit has also become one of the world’s largest spot venues for XRP. Last month, the platform processed $110.2 billion in volume, accounting for 6.4 percent of global exchange turnover. Within Upbit’s order books, XRP often dominates: CoinMarketCap data shows the XRP/KRW pair captured 24 percent of Upbit’s 24-hour trading volume, translating to $444 million. This is significantly higher than other major pairs like ETH (14.1%) and BTC (6.3%) [1].

While the data does not confirm direct causality, it aligns with observations from several liquidity providers since 2023 that regional exchanges can dominate specific asset flows even with a modest overall share of global crypto activity. South Korean retail demand for XRP has persisted since the 2017 bull cycle and continues to channel disproportionate trading volume into the KRW market. When this flow shifts—as shown in Dom’s analysis—the global price of XRP appears to respond [1].

At the time of publication, XRP was trading at $3.05, showing a 4.8 percent increase over the previous 24 hours [1].

Source: [1] XRP Price May Be ‘Controlled’ By This Market, Says Analyst (https://www.newsbtc.com/xrp-news/xrp-price-may-be-controlled-by-this-market/)