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XRP Price Bottomed as Upbit’s Selling Pressure Eased, Binance Continued Selling
XRP Price Moves Linked to Upbit – XRP, the world’s fifth-largest cryptocurrency by market cap, might be more influenced by South Korea’s Upbit exchange than many expect. An independent market analyst tracking on-chain order-flow data reveals that Upbit’s trading activity could be a key driver behind XRP’s recent price movements — a surprising twist in the global crypto market.
On-Chain Data Shows Korean Selling Pressure Easing
The analyst, known as “Dom” on X (@traderview2), shared a compelling cumulative-volume-delta (CVD) chart covering eight major exchanges including Binance, Coinbase, Bybit, OKX, Kraken, Bitstamp, and Upbit. His data suggests a clear pattern: as selling pressure from Upbit slowed down, XRP found a local bottom, despite continued selling on Binance.
Dom writes, “Korean market Upbit may actually control the price of XRP more than we think. Right when they stopped their selling pressure, we bottomed, despite Binance continuing its selling.” The chart covering 2–4 August shows Binance’s CVD line continuing to trend down, indicating ongoing net selling, while Upbit’s CVD line flattened after a steep drawdown of about 35 million XRP. This coincided perfectly with XRP’s price reversal, highlighting the outsized impact of Upbit’s trading flows.
Upbit’s XRP Activity: Massive and Consistent
This isn’t the first time Dom has flagged Upbit’s dominant XRP/KRW flows. Since April 2025, he has repeatedly drawn attention to what he calls “absurd size” sell-offs on Upbit. For instance:
- On 6 May, Dom reported a net sale of 220 million XRP from Upbit since 11 April — worth over $500 million at the time.
- On 2 August, he noted that Upbit sold 40 million XRP in 24 hours, exceeding the total volume of all other exchanges combined.
- Earlier in April, data snapshots showed net selling of 50 million XRP (6 April) and 30 million XRP (16 April), mostly through market sell orders.
These figures underscore how influential Upbit has become in the XRP spot market, especially within South Korea.
Upbit’s Growing Global Footprint
Upbit is not just a local exchange — it is one of the deepest spot trading venues globally. In July, Upbit processed an impressive $110.2 billion in trading volume, accounting for 6.4% of total global crypto exchange turnover. This volume places Upbit behind giants like Binance, Bitget, and Bybit, but still a significant player.
Within its own order books, XRP outperforms even Bitcoin. Data from CoinMarketCap reveals that the XRP/KRW trading pair represents 24% of Upbit’s total 24-hour volume — equivalent to roughly $444 million. This far exceeds other cryptocurrencies on the platform, with Ethereum (ETH) at 14.1% and Bitcoin (BTC) at just 6.3%.
Regional Exchanges Shaping Global Crypto Prices
While data cannot definitively prove causality, this analysis confirms what liquidity providers have observed since 2023: regional exchanges can dominate individual asset flows, even if their overall share of global crypto activity seems modest.
South Korea’s passionate retail interest in XRP, first sparked during the 2017 bull market, remains strong in this cycle. As Upbit’s trading flows turn — as Dom’s dashboard clearly shows — the global price of XRP reacts sharply.
XRP Price at Press Time
At the time of reporting, XRP traded at $3.05, marking a 4.8% increase in the last 24 hours. This uptick aligns closely with the easing of selling pressure from the Korean market, reinforcing the view that Upbit’s actions have an outsized impact on XRP’s spot price.
Upbit’s role in influencing XRP’s price spotlights the importance of regional market dynamics in today’s crypto landscape. As traders and analysts watch the flow of XRP through South Korea’s biggest exchange, the global market may need to pay closer attention to how local forces shape worldwide price trends.
