Main Points：
- XRP’s Surge: XRP has risen over 400% in 30 days, hitting $2.60.
- Coinbase vs. Korean Markets: Strong buy pressure on Coinbase contrasts with higher trading volumes in South Korea.
- Coinbase Premium: XRP/USD pairs on Coinbase consistently trade at a premium of 3-13% over Binance’s XRP/USDT pairs.
- Impact of Trump Policies: Anticipation of a crypto-friendly Trump administration may be driving U.S. investor activity.
- Korean Dominance in Trading Volume: South Korea’s Upbit accounts for 26% of global XRP trading volume.
XRP’s Resurgence
XRP has experienced a dramatic 400% surge in the past month, reaching $2.60. While South Korea has traditionally dominated XRP trading, data reveals that Coinbase whales in the U.S. are playing a pivotal role in this rally. This article examines the interplay between U.S. and South Korean markets, the influence of political factors, and the future implications for XRP.
The Role of Coinbase Whales
Strong Buy Pressure in the U.S.
Data from CryptoQuant highlights that XRP/USD pairs on Coinbase consistently trade at a premium compared to Binance. This premium, ranging between 3% and 13%, indicates substantial buy pressure driven by large investors, or “whales,” in the U.S. market.
Contrast with Upbit and Binance
In South Korea, the XRP market on Upbit, while boasting higher volumes, shows no significant premium. This discrepancy suggests a localized phenomenon on Coinbase, potentially linked to U.S.-specific investor sentiment and market conditions.
South Korea’s Dominance in Trading Volume
Upbit Leads the Charge
Upbit’s XRP/KRW pair accounted for $7.63 billion in trading volume in the past 24 hours, representing 26% of the global XRP market. This far surpasses Coinbase’s XRP/USD trading volume of $1.7 billion during the same period.
Historical Context
South Korea’s affinity for altcoins like XRP is well-documented. However, the recent surge has been amplified by global factors, including Ripple’s partial legal victory against the U.S. SEC earlier this year, which restored investor confidence.
The Trump Factor: Policy and Sentiment
Anticipation of a Crypto-Friendly Administration
According to FRNT Financial, the potential re-election of Donald Trump is boosting confidence in cryptocurrencies. A Trump administration is expected to reduce regulatory hurdles, creating a favorable environment for assets like XRP.
XRP as a Bridge Currency
The Trump factor aligns with XRP’s positioning as a bridge currency for international capital transfers. Analysts believe this narrative is fueling optimism among U.S. investors, particularly on platforms like Coinbase.
Legal Battles and Market Implications
Ripple’s Legal Victory
Ripple’s favorable settlement with the SEC earlier this year marked a turning point for XRP. After years of legal uncertainty, major exchanges like Coinbase reinstated XRP, unlocking pent-up demand in the U.S. market.
Offshore Market Influence
Despite its resurgence in the U.S., offshore markets like South Korea continue to dominate in terms of volume. The disparity underscores the importance of both regulatory clarity and localized market dynamics in shaping XRP’s future.
A Global Asset with Local Nuances
XRP’s meteoric rise underscores the asset’s global appeal but highlights stark differences in market dynamics between the U.S. and South Korea. While Coinbase whales have driven a localized premium, South Korea’s sheer trading volume cements its role as a key player in the XRP ecosystem. Moving forward, the interplay between regulatory developments, political factors, and investor sentiment will determine XRP’s trajectory.
XRP’s 400% rise is fueled by distinct factors in the U.S. and South Korea. Strong buy pressure on Coinbase, linked to investor optimism around a potential Trump administration, contrasts with South Korea’s dominance in trading volume. Ripple’s legal victory has further bolstered XRP’s appeal, but the asset’s future depends on global regulatory clarity and market dynamics.
