This week, XRP demonstrated impressive growth mainly driven by the activity of South Korean traders. Their interest in altcoins is expected to remain high.
South Korean Market and Its Impact on XRP
According to recent data, there was a net buying pressure of 45 million XRP on spot markets, with 70% coming from Upbit, the leading digital exchange in South Korea. This confirms the role of local traders as the main participants in the token's growth.
Comparison of Trading Volumes on Different Exchanges
In comparison, U.S. exchange Coinbase accounts for only 11% of total XRP trading volume, while the European Bitstamp holds just 6%. Interestingly, Binance, despite its global status, showed a negative net volume delta, indicating that traders on this platform sold more than they bought.
Current Situation with XRP and Analysts' Forecasts
On Friday, XRP spiked to nearly $3 on the Bitstamp exchange, but since then, the rally has stalled, with the token currently trading at $2.79. Leading technical analysts believe that XRP still has significant growth potential.
Thus, the activity of South Korean traders significantly influences the XRP market, highlighting their willingness to take risks and pursue high returns amid volatility.
