Main Points:
- Intense retail-driven buy pressure on Upbit accounted for 70% of XRP’s 45 million net buys on July 12, 2025.
- XRP’s spot volume on Upbit soared to nearly $500 million, outpacing both BTC and ETH on the platform.
- South Korea has again delayed its 20% crypto capital gains tax until 2027, fostering continued market enthusiasm.
- Ripple’s ecosystem is expanding, with USDC integration on the XRP Ledger and looming spot-XRP ETF speculation.
- Technical consolidation near $2.90–$3.00 leaves room for further upside if regional momentum holds.
Market Dynamics: Upbit Leads the Charge
On July 12, on-chain analyst Dom reported that net buy pressure of 45 million XRP ($135 million at $3.00) fueled the token’s move from $2.60 to $3.00, and 70% of that volume occurred on South Korea’s Upbit exchange. This concentration highlights how a single regional market can dominate price action, especially when global venues like Binance registered negative net volume.
Data from CoinGecko confirms that 24-hour XRP trading on Upbit reached $470 million, surpassing both Bitcoin and Ethereum trading on the same platform.
charts Displayed Above
Regulatory Landscape: Tax Relief Fuels Participation
South Korea has opted to postpone its 20% crypto capital gains tax—originally slated for January 2025—until 2027, following bipartisan agreement between the Democratic Party and the ruling People’s Power Party. This moratorium, now in its third delay, continues to support elevated retail activity and altcoin speculation.
Moreover, President Lee Jae-myung, elected earlier this year, campaigned on a pro-crypto platform and has signaled support for balanced regulation and innovation. Combined with real-name account systems and ISMS security requirements for exchanges, South Korea maintains a welcoming yet cautious environment for digital assets.
Broader XRP Ecosystem Developments
Beyond Korea’s fervor, the XRP Ledger has integrated significant upgrades, including USDC stablecoin support and improved transaction throughput. Such enhancements position XRP not only as a speculative asset but as a practical settlement rail for stablecoins and tokenized assets.
Speculation about a spot-XRP ETF in the U.S. has intensified after Ripple Labs announced it would drop its cross-appeal in the SEC lawsuit—a move widely seen as closing the legal chapter and paving the way for broader institutional adoption.
Technical Analysis and Price Outlook
Following the July 12 peak at $3.00, XRP retraced to $2.85 on July 14, forming a consolidation band between $2.90 and $3.00 charts Displayed Above. Key support at $2.75 (July 11 low) remains intact. Technical indicators suggest:
- Bullish scenario: A sustained break above $3.00 could trigger a run toward $3.50–$4.00, driven by continued regional demand.
- Bearish scenario: A drop below $2.75 may signal profit-taking and test $2.50, especially if global venues lag.
Investors should monitor Upbit volume deltas and on-chain CVD metrics to gauge whether South Korea’s influence persists or if global outflows resume.
Conclusion
South Korea’s Upbit has once again demonstrated its outsized influence, driving 70% of XRP’s buy pressure in a single session. With a supportive regulatory backdrop—including a tax delay to 2027 and crypto-friendly leadership—the local market continues to propel altcoin momentum. Simultaneously, XRP’s technological strides and looming ETF prospects add layers of fundamental strength. Traders and institutions alike will be watching whether this regional dynamism can sustain a lasting breakout beyond the $3 threshold.
