Analyst Claims $5 Billion XRP Selling Flow on Upbit: What It Means for Price
An analyst identified nearly $5 billion in structural, algorithmic XRP selling pressure on the South Korean exchange Upbit over the past year.Summary
Crypto analyst Dom claims to have uncovered a sustained, multi-billion-dollar XRP selling pipeline on Upbit, based on an analysis of 82 million XRP/KRW trades over the past 10 months, during which the pair recorded net negative cumulative volume delta every month. This selling appears algorithmic, with 61% of trades executing within 10 milliseconds, often involving round-number sell orders, contrasting sharply with fractional buy orders typical of retail KRW purchases. Dom estimates this structural selling accounts for 3.3 billion XRP, valued at $5 billion, or 5.4% of the circulating supply, noting that sellers accepted a 3% to 6% discount compared to global markets like Binance. This sustained selling pressure may limit upward momentum for XRP. The findings contrast with Binance, which saw net positive volume in some months and declining reserves, while XRP balances on Upbit have recently hit a one-year high, suggesting a divergence in regional market behavior.
(Source：BeInCrypto)