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Move Over XRP's Korea Narrative, The 400% Price Rally Has Support of Coinbase Whales
While Korean investors have contributed to XRP's impressive 30-day price surge of over 400% to $2.60, they're not the only game in town.
Dec 4, 2024, 6:06 a.m.
What to know:
- The minute-level pricing data suggests more substantial buying pressure on Coinbase than Binance and Upbit.
- Trading volumes, however, are way bigger in Korea.
When we think of altcoins like XRP and their sudden price bursts, the first thing that comes to mind is South Korea, which has a reputation for heavily engaging with alternative coins.
While Korean investors have contributed to XRP's impressive 30-day price surge of over 400% to $2.60, they're not the only game in town. The stateside investors have been hyperactive through the Nasdaq-listed Coinbase exchange.
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The XRP/USD pair on Coinbase has been consistently pricier than Binance's XRP/USDT pair in the past 30 days, with minute-level premiums ranging from 3% to 13%, according to data from analytics firm CryptoQuant.
It's a sign of whales being active on Coinbase, according to CryptoQuant's CEO Ki Young Ju. In the meantime, prices have not seen a significant premium on Upbit, South Korea's leading cryptocurrency exchange.
Narratives surrounding crypto adoption under Trump's presidency are likely powering the so-called Coinbase premium.
"The WSJ describes Trump's second term as 'new era for crypto—with fewer government hurdles.' Under a 'litigation peace,' according to the asset's proponents, XRP will become more accessible to major financial institutions using the asset as a 'bridge currency' for foreign exchange," FRNT Financial said in the newsletter Tuesday, explaining the XRP rally and booming activity in the U.S. exchanges.
Trump's friendliness to crypto is bolstering the thesis that payments-focused XRP will become "ubiquitous in international capital flows as a ‘bridge currency’ when settling foreign exchange," FRNT added.
Coinbase lags in trading volume
Volume trends, however, indicate Korean leadership in the XRP market. On Upbit, XRP/KRW is the most traded pair of the past 24 hours, with a volume of $7.63 billion, equating to 26% of the total activity, according to data source Coingecko.
On Coinbase, the XRP/USD pair has seen a trading volume of nearly $1.7 billion in the past 24 hours, the highest among all pairs, accounting for over 17% of the exchange's total turnover of $9.89 billion, according to data source Coingecko. The BTC/USD is the second-most actively traded pair, with a volume of $1.59 billion.
The offshore XRP market is bigger in volume, likely because the cryptocurrency was unavailable for trading in the U.S. for a long time because Ripple was locked in a legal battle with the SEC over alleged securities law violations for issuing XRP to institutions and retail investors. However, favorable resolution of the legal tussle early this year prompted exchanges, including Coinbase, to re-list XRP.
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