XRP News Today: XRP Sees $2.39 Billion Net Inflows on Upbit in One Hour

XRP, a prominent cryptocurrency, has recently experienced an unprecedented surge in net inflows, marking a significant milestone in its market activity. This revelation comes from Chad Steingraber, a game developer and influential figure within the XRP community. Over the past few days, Steingraber has been highlighting substantial spikes in XRP net flows and volume on Upbit, South Korea’s largest crypto exchange by volume.

Steingraber's observations have shown a consistent increase in volumes and inflows on Upbit. Initially, it was reported that XRP saw $1.98 billion in volume over a one-hour period on July 7. This was accompanied by a net inflow figure of $1.58 billion within the same hour, confirming Steingraber's earlier claims. However, the most remarkable figure came on July 11, when Upbit recorded a massive $2.39 billion worth of XRP net inflows in the hour leading up to 3:27 PM (UTC). This was one of the largest hourly net inflows observed by XRP in recent times, with Upbit also seeing a staggering $9.11 billion in XRP volume over an hour.

XForceGlobal, a South Korean certified Elliott Wave analyst, noted that XRP now boasts a higher volume in Korea than Bitcoin and Ethereum combined. This volume is even higher than what the market saw last December, when XRP soared beyond $3. XForceGlobal suggested that Korean retail investors are entering the market en masse. However, Steingraber and other pundits argue that such large volumes are unlikely to be driven by retail investors alone. Instead, they speculate that institutions could be entering the Korean XRP market. Steingraber attributed the recent volume uptick to Upbit moving millions of XRP, which he linked to ODL (now Ripple Payments).

Order book expert Dom also noted that investors have consistently bought more XRP on Upbit. According to Dom, the recent XRP pump to $2.8 was partly fueled by Korean traders on Upbit. He showed that investors procured nearly $30 million in XRP over an hour globally, with Upbit accounting for nearly $13 million. This indicates a significant role played by Korean traders in the recent market activity of XRP.

In summary, the XRP market has witnessed an unprecedented surge in net inflows, with Upbit playing a crucial role in this activity. The involvement of both retail and institutional investors, along with the significant volume observed, suggests a growing interest in XRP. The recent trends highlight the potential for further market movements and the importance of monitoring such developments closely.