Recent analysis of the XRP/KRW trading pair on Upbit reveals interesting aspects of how Korean trading flows influence XRP price dynamics.
Selling Pressure and Volume Distribution
In the XRP/KRW market on Upbit, over 2.4 million trades were recorded within a week, leading to a trading volume exceeding $2.5 billion. During this analysis, Dom noted that "over 160M XRP has been net market sold on Upbit." The volume delta chart confirmed that a significant portion of trading activity was involved in selling, making it challenging for XRP to maintain its three-month range.
High Bot Activity and Retail Selling
Analysis of trade sizes revealed a high concentration of small trades, indicating significant bot activity. Dom noted that "53% of all trades were under 100 XRP," while only 0.6% exceeded 10,000 XRP. Breaking down volume deltas by trade size showed that small trades remained flat, suggesting algorithmic trading, while mid-sized trades exhibited retail selling pressure.
Strategic Execution of Large Trades
In Upbit's XRP/KRW market, algorithmic trading dominates, retail traders contribute to selling pressure, and large players execute trades strategically. The sell-off began with an 181K XRP order, while the largest buy order of 212K XRP occurred at the local low.
The analysis of trading flows for XRP/KRW on Upbit provides valuable insights into current market conditions and the factors affecting XRP prices, which can contribute to understanding market structure and liquidity.
