XRP price on the rise: Is South Korea behind it?
The XRP price keeps rising. On Friday the now third-largest cryptocurrency by market cap nearly reached the $3 mark, with only 15 cents to go.
The XRP price keeps rising. On Friday the now third-largest cryptocurrency by market cap nearly reached the $3 threshold, with only 15 cents to go. Compared with last week, that's a 23% increase.
Investors from South Korea in particular seem to be driving the rally. View post on X crypto analyst “Traderview” on X called the rise “mainly the result of Korean activity on Upbit.”
Despite strict regulations, South Korea has long been one of the biggest and most active crypto markets in the world. Upbit, by far the largest Korean exchange by trading volume, is known for the so-called Kimchi Premium, a phenomenon where crypto assets in South Korea trade at substantially higher prices than on other markets. The exchange often acts as a pressure cooker for price moves, especially for altcoins.
The same goes for XRP: Upbit was responsible for as much as “70 percent of the buy pressure” according to Traderview. Binance, on the other hand, posted a “negative net volume.” Traderview concludes: “This underscores how one-sided this move was—the rally was almost entirely driven by Upbit.”
Not only retail traders are jumping on the XRP bandwagon: institutional investors and large wallets are expanding their positions. Data from Santiment shows XRP whales recently hit a new record.
