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HomeCrypto NewsMarketAnalyst Uncovers Who Might Be Controlling XRP Price More Than We Think

Analyst Uncovers Who Might Be Controlling XRP Price More Than We Think

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According to market expert Dom, South Korean traders on Upbit might be determining XRP price movements more than we think.

Notably, XRP reached a new yearly high of $3.66 on July 18 after rallying 64% in just over two weeks. The surge reflected a broader market recovery, with Upbit traders contributing massively to it. However, the momentum quickly faded. 

Specifically, XRP price dropped along with the rest of the crypto market. By August 2, XRP had fallen to $2.73. Nonetheless, since then, it has bounced back above $3. While it still trades 18% below its July 18 peak, XRP has held on to the $3 level, with investors now watching closely for fresh buying interest that could trigger the next leg up.

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Upbit Traders Might be Steering XRP Price More Than We Think

Amid this bearish trend, order book expert Dom called attention to a major factor behind XRP’s recent moves. According to him, this factor is the unusually strong influence of South Korean traders on Upbit

In an August 1 disclosure, he revealed that Upbit traders had sold a net 40 million XRP over 24 hours. This figure exceeded the combined volume of net XRP sales across all other exchanges. 

Dom suggested that Upbit’s selling spree played a major role in the market drop and argued that the Korean exchange might be controlling XRP price direction more than many realize.

Notably, the same group of Upbit traders also helped fuel XRP’s sharp rally weeks earlier. However, this time, their aggressive selling is contributing to the decline. Interestingly, as soon as they slowed down their selling, XRP found a bottom and began to recover, even while Binance traders continued to offload XRP. 

Dom noted a gradual accumulation of nearly 15 million XRP on Coinbase, which he believes could point to a potential Time-Weighted Average Price (TWAP) strategy. This accumulation coincided with XRP’s slow but steady climb from the lows.

XRP Price Action Against USOIL and USD

Meanwhile, Dom also tracked XRP’s performance on the USD and crude oil (USOIL) charts. On the USOIL chart, he noted on July 30 that XRP had broken out of a seven-month price range but saw little follow-through. 

The analyst predicted a possible retest of previous support levels, and by August 1, this projection materialized. Dom noted that this retest was actually important and explained that a full return into the old range would damage the bullish setup.

However, in an August 4 update, he expressed caution. According to him, XRP briefly dipped back into the range, but he described it as a weak fakeout, not a full rejection of the breakout. He said the next few days would be crucial. Specifically, if XRP falls again and settles back inside that long-standing range, short-term prospects could turn bearish.

XRP Against USOIL Dom
XRP Against USOIL Dom

Meanwhile, on the USD chart, he shared a similar warning on August 2. However, two days later, he highlighted a bounce from the expected support zone. Still, he made it clear that XRP needs to push higher to regain a safe position. 

Dom believes the $3 level must turn into a solid support again. At press time, XRP changes hands at $3.05, struggling to maintain the $3 mark. The analyst suggested that a move above $3.12 would break the current downtrend and put XRP back into a bullish setup.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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