Recently, an independent market analyst discovered through studying on-chain data that the South Korean exchange Upbit may have a significant impact on the Spot price of XRP.

According to analysis, from August 2 to 4, the net selling volume of XRP on the Upbit platform stabilized after a decrease of approximately 35 million coins. This turning point coincided with the timing of XRP's price hitting the bottom and rebounding. It is worth noting that even with continued net selling on the Binance platform, the market still showed a slow recovery trend. During the same period, the Coinbase platform also saw nearly 15 million dollars in time-weighted average price purchases.

This phenomenon is not an isolated case. Since April, the capital flow of the XRP/KRW trading pair on the Upbit platform has been remarkable. From April to May, the net selling volume of XRP on this platform reached 220 million coins, worth over 500 million dollars. On August 2, the single-day net selling volume even reached 40 million coins, surpassing the total of all other platforms.

As the world's fourth largest Spot exchange, Upbit's monthly trading volume reaches $110.2 billion. Among them, the XRP/KRW trading pair accounts for 24% of the platform's total trading volume in 24 hours (approximately $444 million), far exceeding Bitcoin's 6.3%.

Although this data cannot directly prove causation, it highlights the dominant role that regional exchanges may have on a single asset. The continued enthusiasm of Korean retail investors for XRP means that changes in capital flow in this region could affect the global XRP price trend.

This phenomenon has sparked market attention towards the influence of regional exchanges, while also reflecting the complexity and globalization of the cryptocurrency market. Investors may need to consider the potential impact of regional market dynamics on global prices more when formulating investment strategies.