Upbit was responsible for 70% of global XRP net buy volume, heavily influencing the token's rally.
Binance recorded a negative net volume delta, indicating that traders were mostly selling XRP during the surge.
South Korean traders remain dominant in altcoin markets, contributing over 30 percent of global XRP spot volume.
XRP’s sharp rise earlier this week drew global attention, with new data revealing that South Korean traders played a major role in the price movement. The token recorded a net buy pressure of 45 million XRP across spot markets, and South Korea’s largest crypto exchange, Upbit, contributed around 70% of this total.
While Upbit led with the highest net volume, U.S.-based Coinbase managed to secure only 11 percent of XRP’s spot trading volume. Meanwhile, Europe’s Bitstamp handled just 6%. Binance, the world’s largest crypto exchange by trading volume, showed a negative net volume delta. This figure indicates more XRP sell orders than buy orders on the platform during the same period.
Binance traders offload as South Korea buys in
Despite global participation, Binance traders were net sellers of XRP during the rally. This contrasts with the bullish sentiment seen in the South Korean market. The country has a long-standing appetite for speculative assets, which continues to be reflected in local trading behaviors. Historically, younger investors in South Korea have shown a preference for altcoins, seeking higher returns in short timeframes.
The trading volume of altcoins occupies almost 90% on the exchanges in South Korea, a drastic difference from the exchanges that follow Bitcoin and Ethereum in the U.S. XRP is among the most popular altcoins in the market. Such a trading pattern has had major impacts on market trends, mostly when they become volatile.
Looking at the rally, XRP broke out temporarily by hitting almost $3 at Bitstamp but consolidated it at 2.79 dollars. Even with the recent price momentum slowdown, certain technical analysts believe that XRP still has upside potential, yet trading has returned to normal.
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