Recently, an interesting phenomenon has emerged in the cryptocurrency market that may overturn our traditional understanding of XRP's price trends. An independent market observer focused on on-chain data analysis has put forward a thought-provoking point: South Korea's largest cryptocurrency exchange, Upbit, may play a key role in the formation of XRP's price.

As the fifth largest cryptocurrency by market capitalization, XRP's price fluctuations have always attracted attention. This analyst conducted an in-depth study of the cumulative trading volume increment (CVD) data from multiple major exchanges and identified a potential market trend.

Data shows that during the observation period, despite major exchanges like Binance continuously showing a net selling state, when the selling pressure from Upbit weakened, XRP's price showed signs of a rebound from the bottom. This phenomenon has triggered a reassessment of the influence of South Korean exchanges in the market.

Analysts pointed out that, 'Just when Upbit stopped large-scale sell-offs, we saw XRP rebound from the bottom, and this situation even exceeded the impact of Binance's continuous sell-offs.' This observation suggests that the Korean market may play a more significant role in the formation of XRP prices than previously expected.

It is worth noting that after Upbit slowed down its sell-off, other platforms like Coinbase seem to have shown a stable buying trend, accumulating nearly $15 million worth of XRP. This cross-platform flow of funds further complicates the price formation mechanism of XRP.

This finding not only challenges traditional market perceptions but also provides investors and analysts with new perspectives. It reminds us that the influence of regional exchanges cannot be ignored in the global cryptocurrency market, especially in the trading of certain specific cryptocurrencies.

However, we should also be cautious about the impact of a single factor on the market. Cryptocurrency prices are influenced by multiple factors, including the global macroeconomic environment, changes in regulatory policies, technological advancements, and more. Therefore, while Upbit's trading actions may have a significant impact on XRP prices, it is only one component of the complex market ecosystem.

As the cryptocurrency market continues to evolve, we may see more market dynamics like this. For investors, having a comprehensive understanding of the trading patterns and potential impacts of major exchanges will become increasingly important. At the same time, this also provides new research directions for market researchers, helping us better understand the operational mechanisms of the global cryptocurrency market.