Original title: "Behind the XRP breakout: Drivers and Dynamics"
Written by: KoreanDegen, Crypto Kol
Translated by: zhouzhou, BlockBeats
Editor's note: The recent surge in XRP has attracted everyone's attention. This is the result of the interweaving of multiple factors, including technical breakthroughs, renewed attention from Korean investors (coupled with the lifting of SEC lawsuits and the promotion of WisdomTree's S-1 filing), and the absence of historical sellers such as Jed McCaleb. These factors together have driven the demand for XRP and contributed to the abnormal market performance.
The following is the original content (the original content has been reorganized for easier reading and understanding):
The recent XRP surge reveals a complex interaction between technical aspects, market structure and regional dynamics.
On November 10, XRP broke through about $0.55, decisively breaking through the 100-week, 200-week and 350-week moving averages.
Perpetual contract CVD: Decline.
Open interest: Increase.
At the same time, Upbit's rankings on the App Store and Play Store began to rise. The interweaving of this series of factors suggests that market activity is brewing.
Upbit took the top spot in the Play Store rankings, a particularly critical signal given the structure of the user base in South Korea - mainly older investors between 50 and 60 years old, who mainly use Android devices and Samsung dominates.
As demand surged, XRP broke through ₩1,000 won (about $0.71). Arbitrageurs quickly adjusted the market imbalance, resulting in a large number of short positions being closed.
In previous cycles, Jed McCaleb's continued selling limited XRP's upward momentum. However, this time he has no more coins to sell.
Only Bitstamp and Upbit's historical charts dating back to 2017 show a diagonal breakout that has lasted for 6 years, while Upbit's overwhelming dominance in spot trading volume has become a sign of Korean investment enthusiasm.
According to a recent report by Han Jingxin, the role of older Korean investors in the crypto market is becoming increasingly prominent:
Since 2021, the number of crypto accounts held by people over 60 has increased by 30% (+188,000 new accounts).
Accounts for people over 50 have increased by 22.5% (+356,000 accounts).
As of September 2024, individuals over 60 hold a total of $4.8 billion in crypto assets.
This demographic shift suggests that older investors, especially in South Korea, have played a key role in driving demand for XRP.
Article link: Hankyung Article
While South Korea’s trading volume is a major factor, it’s not the only driver. Other exchanges, such as Coinbase and Robinhood, have also contributed to XRP’s surge. So far, XRP’s spot trading volume has exceeded $6.6 billion.
This is not just an ordinary rally. It is a confluence of factors:
1. A key technical breakthrough.
2. Renewed attention from retail investors, especially Korean investors. (Subsequently boosted by the SEC lawsuit release and WisdomTree S-1 filing)
3. Absence of supply pressure from major historical sellers such as Jed McCaleb.
When causality and multiple factors collide, the results are often extraordinary.
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