A recent sharp sell-off of XRP has sparked discussions about the influence of South Korea on the cryptocurrency's price. The Upbit exchange, at the center of events, is under expert analysis.
Unusual XRP Sales at Upbit
On August 1, something unusual happened in the altcoin market. Traders from the largest South Korean crypto exchange, Upbit, suddenly sold 40 million tokens within 24 hours. This massive sell-off was larger than all net Ripple sales from other global exchanges combined, resulting in the token's price dropping from a yearly high of $3.66 to a low of $2.73.
XRP Market: Decline and Recovery
The community had recently celebrated a 64% rally on July 18, only to face a sharp drop in price. Analyst Dom noted that when Korean whales on Upbit began selling, the price quickly fell. However, as their selling cooled off, the token began to bounce back toward the $3 mark despite continued exits from Binance traders.
Forecasts and Key Price Levels
At this point, the price of the Ripple token hovers around $3.05. The top analyst states that the most important level to watch is the $3.12 resistance level. If it can close above this level, the market might experience a bullish momentum. However, if Upbit users begin another wave of selling, the value may slide back to $2.75 or lower.
Ripple's future may hinge on the actions of traders on Upbit. Attention should be focused on the resistance level of $3.12 in the coming days. If buying interest increases, the price may rise, but another wave of selling could negatively impact it.
