XRP’s trading volume on South Korea’s leading crypto exchange, Upbit, has surged to $7 billion. This volume has even surpassed the total trading volume of the KOSPI, the country’s primary stock market index. It raised speculations on XRP price crashing below $2 amid a turbulent day for South Korea’s crypto market, marked by a severe downturn in prices and unexpected political developments.
XRP Trading Volume on Upbit Surges
The XRP/KRW trading pair accounted for nearly 30% of Upbit’s total trading volume today, according to CoinMarketCap data. At press time, the XRP trading volume surged to $7.125 billion on the exchange. However, market analysts suggest that the activity largely comprised sell orders as the broader crypto market faced significant pressure.
Even Bitcoin (BTC), which was trading at $95,000 on Upbit earlier, faced a major hit and plummeted to $63,000. XRP price, after a 400% rally, saw its price crash by over 7% today. Moreover, it fell to $2.16 on Upbit later. A breakdown below the $2.25 support level, as seen in this case, could push XRP below the critical $2 threshold.
Advertisement
The crisis coincided with reports of South Korea’s President Yoon declaring martial law amidst an unspecified political crisis. Prominent XRP advocate Alex Cobb shed light on the unfolding situation, writing on X:
“Ok I just got confirmation from my friends in Korea. President Yoon just declared martial law due to political crisis (idk what the crisis is) and Bithumb and Upbit have been shut down temporarily and there is no trading at the moment.”
Impact of South Korean Crash on XRP
Cobb also highlighted South Korea’s importance to XRP’s liquidity. He stated, “Korea is a major source of liquidity for XRP, and it just flipped the KOSPI in 24-hour volume. This is pretty insane what’s going on and I think* that is what caused the pullback on XRP.”
The sudden halt in trading has sent shockwaves through the market, with 10% of South Korea’s population reportedly holding XRP, according to XRPL Korea. The sell-off and the suspension of trading are expected to have far-reaching implications for XRP price trajectory.
Advertisement
Also Read: Missed XRP Rally? These 3 Altcoins Could Surge 2x By December End
