XRP Sell-Off on Upbit Surpasses $500M: Are Korean Traders Turning Bearish?

XRP Sell-Off on Upbit Surpasses $500M: Are Korean Traders Turning Bearish? XRP is experiencing a significant shift in investor sentiment, especially among Korean traders, who have offloaded nearly half a billion dollars worth of the asset on Upbit alone. The sharp decline in buy-side activity suggests that XRP may be entering a deeper consolidation phase—or worse, a bearish cycle led by regional sentiment. Upbit XRP Sell Volume Hits 220 Million Tokens According to order book expert Dom, South Korea’s largest crypto exchange, Upbit, has recorded a net XRP sell volume of 220 million tokens since April 11. At XRP’s current price of $2.14, this figure translates to over $470 million—effectively a $500 million exit by Korean traders within a single month. Dom based his findings on the XRP Spot Cumulative Volume Delta (CVD), a metric that captures the difference between total market buy and sell orders. A downward-sloping CVD reflects dominant selling pressure; in this case, the data paints a clear, bearish picture. The CVD value on April 11 stood at 0 XRP, but by late April, it had plunged below -100 million XRP. The trend didn’t stop there. As May began, the CVD slipped further, reaching -220 million XRP, confirming sustained sell-offs. Sentiment Shift in Korea: Bearish Momentum Grows Dom emphasized that the persistent downward CVD reflects a bearish disposition among Korean traders. This trend aligns with XRP’s ongoing price consolidation and weakening market structure since February. Historically, Korean retail investors have significantly influenced XRP’s short-term movements. After Ripple’s partial legal victory against the SEC in July 2023, Korean buying power helped propel XRP to $0.93 in hours. Their behaviour has consistently proven to be a price driver, both upward and downward. Now, their exit signals a loss of confidence, at least for the moment. Without renewed buyer interest from this crucial market, XRP could struggle to stage a meaningful recovery. Binance Data Shows Global Sell Pressure Mounting While Korean traders are leading the trend, they aren’t alone. Global XRP markets are also experiencing sustained outflows. Data from Coinglass shows that the XRP CVD on Binance stood at -1.876 billion XRP as of April 6. By early May, it had fallen further to -2.207 billion XRP, an additional 330 million tokens in net sell volume for one month. This broader data confirms that the bearish mood isn’t restricted to Upbit or the Korean market. Investors worldwide appear to be taking profits or reducing exposure, especially as XRP remains below its $2.20 support level. XRP Price Outlook: Can the Bulls Regain Control? At press time, XRP trades at $2.13, sitting just below a key support zone. With mounting sell pressure and weakening volume across multiple exchanges, bulls are left waiting for a broader market recovery or a fresh catalyst to turn sentiment around. Until then, XRP may remain range-bound, caught between macroeconomic uncertainty and fading investor enthusiasm. Traders and holders should watch key resistance levels and volume indicators closely, as they will likely determine whether XRP can reclaim bullish momentum. Related article: XRP Whale Wallets Top 300K — Are Institutions Quietly Fueling the Next Breakout? Final Thoughts: A Sentiment-Driven Slowdown The $500 million XRP sell volume from Korean traders on Upbit marks a turning point in short-term market sentiment. Combined with Binance’s continued global outflows, the data points to a cautious phase for XRP in May. While long-term fundamentals may still support growth, the current order books reflect hesitation, if not fear. Reversing this trend will require either institutional support, strong bullish narratives, or improved global risk appetite in the crypto space. Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions. Share this : On the networks Recent Articles Home Quizzes Videos Categories Newsletters Crypto News Currencies Useful links Coins Keep Exploring Crypto News