Recent fluctuations in XRP’s market value have sparked a flurry of speculation and analysis. One crypto expert suggests that the driving force behind XRP’s robust performance may be South Korea. The altcoin has witnessed significant trading volume on South Korean exchanges, which could be supporting its price in an otherwise sluggish altcoin market.
The Impact of South Korea on XRP Prices
According to XForceGlobal, South Korea is significantly influencing XRP’s price dynamics. The analyst unveiled on X (previously Twitter), that the keen engagement and adoption of crypto by South Korean users play a fundamental role in XRP’s bullish standing.
South Korea is a leading player in global crypto trading, with high trading volumes across various assets. However, XRP stands out conspicuously within the active South Korean market. The analyst disclosed that even on slow trading days, XRP regularly outperforms Bitcoin, highlighting its demand and adoption in South Korea.
XForceGlobal believes that South Korea’s interest in XRP is likely due to its unique position in crypto regulations. As one of the most isolated countries in crypto regulations, a significant number of citizens (about 20% of the cryptocurrency’s market cap valuation) own the altcoin.
With a shortage of extensive cross-border payment solutions, many South Koreans prefer cryptocurrencies like XRP for transactions. This preference boosts adoption, strengthens XRP’s utility, and subsequently, positively impacts its price.
XRP’s Future in South Korea
XForceGlobal also shed light on XRP’s future in South Korea. The market is at a crucial juncture where XRP has transcended from being a speculative asset to representing Korea’s dominance in the crypto market.
Currently, Upbit, South Korea’s largest crypto exchange, holds the most substantial market share of XRP in terms of total supply. The exchange reportedly possesses about 6 billion XRP, which accounts for approximately 5% of the total supply.
The analyst suggested that the ongoing demand from retail investors, coupled with Upbit’s vast XRP reserve, will cement South Korea’s role in shaping the cryptocurrency’s global price action in the future.
Furthermore, the analyst discussed XRP’s price movements on the Korean won chart, suggesting that its current action might be a precursor to future trends. He highlighted that the altcoin has already formed a lower low on the chart, hinting at a more tempered pullback rather than a sudden decline — a perspective he described as “arguably bearish”.
The crypto analyst also believes that XRP might be shaping a potential bottom on the Korean won chart, indicating a possible surge to the upside and a bullish continuation.
