Korean traders may have been weakened by XRP.
This is based on data presented by well-known analysts and order form expert DOM following the evaluation of the XRP pair for South Korea’s WON (XRP/KRW)Upbit is South Korea’s largest crypto exchange with 24-hour trade volume.
In particular, his latest disclosure is based on a persistent bearish trend across the Korean market as traders seek to sell their XRP holdings amid ongoing bear pressure. For context, XRP has been witnessing turbulence since February, with recent price action adjacent to widespread integration.
XRP sees the net sales volume of 220m on the Korean exchange
According to For DOM, the XRP/KRW pair has observed a net sales volume of 220 million XRP since April 11th, as sales continue in Korea. Importantly, at the current price of $2.14, this 220 million XRP volume is over $470 million, nearly $5 billion.
Market analysts cited data from XRP Spot Cumulative Volume Delta (CVD) metrics. For beginners, this metric tracks the overall difference between market purchases and sell orders in spot exchanges. In particular, the upward trend indicates more aggressive purchases, while the downward trend indicates stronger sales activity.
Data from the DOM charts show that CVD has been moving down consistently since April 11th. The metric value was 0 as of April 11th, but fell below -100 million XRP in late April before a slight rebound. However, this downtrend slipped in May latest The value is -220 million XRP, reflecting the 220 million tokens of the online sales volume.
According to the DOM, the latest reality suggests that Korean traders may have turned their bearish overturned in XRP. Crypto Basics It’s called attention Last month, I was hit with this disappointing trend. It says there is a direction for XRP price Mostly dictated Based on South Korean investors’ behaviour.
For example, after the victory in the SEC lawsuit in July 2023, Korean traders I contributed Large buying volume is $0.93, mainly in response to the surge in XRP. As a result, changes in investor behavior in South Korea’s biggest exchange could help with attempts to rebound from XRP.
Global XRP sales volume
Meanwhile, Coinglass data shows that XRP’s selling is not just from the Korean market. The data shows larger global sales volumes for vinanence. Specifically, as of April 6th, the Binance XRP CVD was -187.6 billion XRP.
XRP Binance CVD | Coinglass
However, this fell to -22.207 billion XRP at press, representing the net selling volume of 330 million XRP over the past month. Currently, XRP has changed hands at $2.13, below the $2.2 support level. The bull is the current We are waiting for a wider market recovery to try to rebound.
