When whales move, the earth shakes! The buying orders for XRP from the 'Kimchi Army' in South Korea are stirring up market dynamics!
Focus on XRP! The market is in turmoil, and significant signals are coming from the South Korean market (Source: BlockBeats & CoinGecko): In the past 24 hours, the total trading volume on South Korea's largest exchange, Upbit, reached 5.17 billion USD! More critically, XRP/KRW (Korean won trading pair) accounted for 21.8% of the trading volume, strongly topping the Korean market, surpassing popular coins like BTC and ENA! The 'Kimchi premium' effect is once again evident on XRP.
News analysis: Why does the Kimchi Army favor XRP?
Massive capital barometer: The South Korean market is well-known in the crypto circle as an 'emotional amplifier'. XRP trading pairs on Upbit account for nearly 22% of the trading volume, which is by no means retail behavior, indicating that local whales/big players are actively entering the market. This sends a strong bullish signal regarding the short-term trend of XRP from Korean capital.
The magic of the 'Kimchi premium' reappears: The enthusiasm in the South Korean market often leads to a relative global price premium. XRP's trading volume topping indicates that the premium may expand, attracting global arbitrage funds to intervene (buy low, sell high). This activity itself may push up the global price of XRP.
FOMO emotion catalyst: The crazy actions of South Korean funds can easily trigger the fear of missing out (FOMO) among global investors, increasing potential buying.
Technical confirmation: Volume support is key.
Key level competition, bulls gain support: The previously analyzed key resistance area (like 2.85-2.90) has a significantly increased probability of being defended or broken due to the massive buying from South Korea.
'Volume precedes price' is key: Upbit's total volume of 5.17 billion USD and XRP's 21.8% share are solid super volumes, providing a strong fuel for potential upward movement. Maintaining high volume is crucial.
Potential target: Test the 2.80 level: The current price is oscillating around 2.77. If it can effectively break through and stabilize at the key resistance zone with this volatility, it is expected to test the important psychological and technical level of 2.80. Continuous volume support is a prerequisite.
Viewpoint: South Korean massive volume ignites short-term momentum for XRP.
Today's massive volume in South Korea is an important catalyst for XRP's market; it's not just an emotional boost but also substantial capital support. The technical stalemate has been broken by the 'Korean wave', strengthening the bullish forces.
Short-term outlook: If the trading enthusiasm for XRP on Upbit can be maintained, or if the global market responds effectively, the likelihood of XRP testing and challenging the 2.80 level significantly increases.
Can the fire ignited by this wave of the 'Kimchi Army' successfully challenge the 2.80 level? Is it a brief excitement, or the precursor of a trend change? Keep an eye on Upbit's orders and the global market interaction; the answer will be revealed in the interplay of volume and price.
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