Analysis shows massive selling pressure on the XRP/KRW trading pair on Korean exchange Upbit in the last three days, but demand walls are beginning to build strongly.

XRP dropped below $2 on Sunday to prices last seen in November amid a broader market capitulation. These massive downsides have come as a ripple effect from strong macroeconomic headwinds, specifically from President Donald Trump’s recent tariff brandishing.

Massive Sell-Offs Seen on Upbit

Meanwhile, another possible contribution to this price capitulation is the large sell orders that Korea’s largest exchange Upbit has filled in the last three days. An April 6 analysis from order flow and volume expert Dom highlighted that the Koreans may have flipped bearish with the enormous sell orders persistently filled on the XRP/KRW trading pair since Thursday.

For perspective, the commentary shows that 56.4% of all the trade orders submitted on Upbit in the last three days have all been sell orders, culminating in about 910,000 trades. Furthermore, this selling pressure has resulted in over 50 million XRP net sales on the pair since Thursday last, clearly indicating a bearish trader bias.

Further exposition indicates that Korean traders sold another 25 million XRP yesterday as sell orders continue to mount. Remarkably, most of these activities have come from traders liquidating between 1,000 and 10,000 XRP. This category of holders has been glaringly close to their sell button and is responsible for about 331,200 trade orders (36.4%) dumping XRP in the past week.

Meanwhile, 50.4% of all trade others have come from retail traders FUDing over the present market uncertainties. They have placed 459,100 trade orders in the past seven days, playing an integral part in the massive selling activity from the Korean trading platform.

Nonetheless, high-caliber XRP whales have remained largely unperturbed. A mere 19 trades came with over 100,000 XRP sales, and 7,000 between 10,000 and 100,000 XRP. This indicates that large holders are still bullishly keen on their bags.

Buy Orders Building Amid Dump Below $2

While earlier analyses have termed a drop below $2 as a bearish event and predicted targets like $1.27 and $1.07, massive buy blocks forming sub-$2 could buffer such capitulation. Dom noted in a parallel analysis that enthusiasts are keen on buying XRP, especially at $1.90 and $1.85.

He highlighted an enormous buy wall between those areas on two prominent crypto exchanges, Binance and Coinbase. Notably, buyers lined up strong bid orders at every five cents of XRP’s price, from near $2 down to $1.50. This suggests that it is not all “air” below $2, as these massive bids could steer a rebound.

In the meantime, XRP trades at $1.6966, down 11% since the start of today.