Korean traders might have turned bearish on XRP, as leading exchange Upbit witnesses half a billion dollars in net XRP sell volume within a month.
This is according to data presented by Dom, a well-known analyst and order book expert, following an assessment of the XRP pair against the Korean Won (XRP/KRW) on Upbit, South Korea’s largest crypto exchange by 24-hour trade volume.
Notably, his latest disclosure builds on a persistent bearish trend across the Korean market in recent times, as traders take to selling off their XRP holdings amid the ongoing bearish pressure. For context, XRP has witnessed turbulence since February, with its recent price action bordering on extensive consolidation.
XRP Sees 220M Net Sell Volume on Korea Exchange Upbit
According to Dom, the XRP/KRW pair has observed a net sell volume of 220 million XRP since April 11, as selloffs in Korea continue. Importantly, at the current price of $2.14, this 220 million XRP volume translates to over $470 million, nearly half a billion dollars.
The market analyst cited data from the XRP Spot Cumulative Volume Delta (CVD) metric. For the uninitiated, this metric tracks the overall difference between market buy and sell orders on the spot exchange. Notably, an upward trend indicates more active buying, while a downward trend suggests stronger selling activity.
Data from Dom’s chart shows that since April 11, the CVD has trended downward consistently. The metric had a value of 0 as of April 11 but dropped below -100 million XRP in late April before rebounding slightly. However, this downtrend slipped into May, with the latest value being -220 million XRP, reflecting the 220 million tokens in net sell volume.
According to Dom, the latest reality suggests that Korean traders might have flipped bearish on XRP. The Crypto Basic called attention to this discouraging trend last month. It bears mentioning that XRP’s price direction has been largely dictated by Korean investor behavior.
For instance, after the SEC lawsuit victory in July 2023, Korean traders contributed largely to XRP’s surge to $0.93 with massive buy volumes. Consequently, a change in investor behavior on Korea’s largest exchanges could help with any rebound attempt from XRP.
Global XRP Sell Volume
Meanwhile, data from Coinglass shows that the XRP selloffs have not only come from the Korean market. Data shows a more massive global sell volume on Binance. Specifically, the Binance XRP CVD stood at -1.876 billion XRP as of April 6.
XRP Binance CVD | Coinglass
However, this has dropped to -2.207 billion XRP at press time, representing a net sell volume of 330 million XRP over the past month. Currently, XRP changes hands at $2.13, having slipped below the pivotal $2.2 support level. The bulls are currently awaiting a broader market recovery to attempt a rebound.
