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A crypto analyst has shared insights into the recent strength in the XRP price, suggesting that South Korea may be the reason behind it. The analyst noted that the altcoin has been seeing high trading volume on South Korean exchanges, and this localized demand may be holding up its price while other altcoins struggle to gain traction. How South Korea Is Bolstering The Price
According to XForceGlobal South Koreais currently one of the major drivers of the XRP price action. In a recent poston X (formerly Twitter), the analyst disclosed that the engagement and adoption from the crypto users in South Korea was a major contributor to XRP’s bullish performance. Related Reading Analyst Unveils Extended XRP Price Target To $44, Reveals When To Take Profits 1 week ago
Currently, South Korea is one of the most active crypto marketsin the world, leading in global trading volume across multiple assets. However, among the numerous cryptocurrencies in the market, XRP stands out the most within the country. The analyst has revealed that even during low trading days, XRP frequently outpaces Bitcoin, underscoring its high demand and adoption in South Korea.
XForceGlobal has suggested that South Korea’s notable interest in XRP likely stems from its status as one of the most isolated countries in terms of crypto regulations. The analyst revealed that millions of citizens currently own the altcoin, making up about 20% of the cryptocurrency’s market cap valuation.
Moreover, due to a lack of large-scale cross-border payment solutions, most South Koreans opt to use cryptocurrencies like XRP to facilitate transactions. This, in turn, fuels adoption and strengthens the cryptocurrency’s utility, which positively influences its price action.
Compared to South Korea, the regulatory uncertainties and legal challenges in the United States (US)have slowed down XRP’s growth. XForceGlobal has stated that the active participation of retail institutions, strong community support, and early adoption in South Korea have helped prop up prices despite the difficulties it faced over the past years. What The Future Holds For XRP In South Korea
While discussing the impact of South Korea’s support for XRP on its price action, XForceGlobal offered insights into the cryptocurrency’s future in the country. The analyst revealed that the market is at a pivotal moment where XRP has evolved from a speculative asset to a symbol of Korea’s dominance in the crypto market. Related Reading XRP Flashes Descending Trendline, Why A Surge To $4 Is Still In The Cards 1 week ago
Currently, Upbit, the largest crypto exchange in South Korea, holds the most significant market share of XRP in terms of total supply. The exchange reportedly has about 6 billion XRP, accounting for roughly 5% of the entire supply.
XForceGlobal has revealed that the continued demand from retail investorscombined with Upbit’s massive XRP reserve will make South Korea a key driver to the cryptocurrency’s global future price action.
Moving forward, the analyst has discussed XRP’s price movements on the Korean won chart, suggesting that its current action may be foreshadowing upcoming events. He pointed out that the altcoin has already formed a lower low on the chart, possibly hinting at a more controlled pullback rather than an impulsive decline — an outlook he described as “arguably bearish”.
The crypto analyst also noted that XRP may be forming a potential bottomon the Korean won chart, indicating a possible impulse to the upside and a bullish continuation. XRP trading at $2.06 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com