XRP's Price Surges 10% in South Korea Amid Strong Demand

XRP has demonstrated notable resilience in recent weeks, defying the broader bearish market trends. This performance has been attributed to a surge in demand from South Korea, where the cryptocurrency has garnered significant support. While other altcoins have struggled, XRP has maintained positive momentum on South Korean exchanges, indicating a strong regional preference.

According to renowned crypto analyst XForceGlobal, South Korea plays a pivotal role in driving XRP's price action. The region's crypto market is highly active and has shown a clear preference for XRP over Bitcoin. This preference is evident even on days when the market is generally down, highlighting the strong adoption and demand for XRP within South Korea. The analyst notes that South Korea's regulatory environment has isolated its crypto market, which has further boosted XRP's adoption. Approximately 20% of XRP's market cap is attributed to South Korean investors, who find the cryptocurrency essential for transactions due to the lack of proper cross-border payment solutions in the country. This increased utility and price stability have contributed to XRP's success in the region.

In contrast, regulatory uncertainties in the United States have posed challenges for XRP's growth. While global debates on cryptocurrency regulations continue, South Korea's robust community and active retail participation have been crucial in sustaining XRP's price. The largest crypto exchange in South Korea, Upbit, holds around 6 billion XRP, which is about 5% of the total supply. This significant holding, combined with strong retail demand, is expected to enhance South Korea's influence on XRP's global appeal. As XRP continues to gain traction in South Korea, its future prospects remain promising, with the potential to maintain upward momentum despite external pressures.

XRP's price analysis reveals a stable performance despite market volatility. The cryptocurrency began trading in a narrow range, breaking out at 7:00 AM and surpassing the $2.08 resistance level. However, it faced rejection at $2.10, leading to a trend reversal and a downtrend below the $2.03 support. After becoming oversold, XRP started to ascend, touching the $2.08 mark before facing some correction. The EMAs interacted rapidly, causing XRP to spike upward at 13:45, reaching $2.16, and then facing strong resistance at $2.15. Despite these fluctuations, XRP has managed to stay above $2, while other mainstream coins have faced significant downturns. The last 24 hours have shown XRP ascending and holding onto key levels despite bearish pressures, suggesting a potential upward breakout during the day. If this breakout occurs, XRP could be seen trading around the $2.20 range.