Dom (@traderview2), an order flow, volume, and profile trader, recently analyzed the XRP/KRW trading pair on Upbit, one of the most significant yet often overlooked markets for XRP, and shared some intriguing insights.
Over seven days starting March 25, he collected tick-level trade data to examine the impact of Korean trading flows on XRP’s price movement. The data revealed persistent selling pressure, high-frequency trading activity, and notable differences in trade sizes and price impact.
Upbit’s XRP/KRW market recorded over 2.4 million trades within seven days, generating a trading volume exceeding $2.5 billion. Dom observed that “over 160M $XRP has been net market sold on Upbit” during this time.
The volume delta chart confirmed that a significant portion of the trading activity involved selling, contributing to XRP’s struggle to maintain its three-month range. While the heightened trading activity helped XRP surpass Bitcoin and Ethereum on Upbit, Dom noted that 61.3% of the trades were selling orders.
The Cumulative Volume Delta (CVD) chart showed that buy-side liquidity was weak, offering limited support to counterbalance the sell orders. Dom revealed that the most active trading hour was 9 AM EST, indicating strong engagement from global traders during that period.
An 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 provided shows that mall trades remained flat, suggesting algorithmic trading, while mid-sized trades showed retail selling pressure. Large trades accounted for just 6 million of the 160 million XRP net sold, indicating that major holders were not aggressively exiting.
Dom’s analysis of Upbit’s XRP/KRW market reveals that 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.
A scatter plot of trades over 1,000 XRP showed minimal slippage for large trades, while smaller trades caused greater price fluctuations. Dom’s research highlights how different traders influence XRP’s price movements, providing critical insights into market structure now that Ripple is expanding ODL payments into Asia.
He plans to compare order flow across Coinbase, Upbit, and Binance to assess their influence on XRP’s global pricing. His findings could provide crucial insights into market structure, liquidity, and the forces shaping XRP’s price.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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