Original title: "Behind the XRP breakout: Drivers and Dynamics"

Written by: KoreanDegen, CryptoKol< /p>

Compiled by: zhouzhou, BlockBeats

Editor's Note: Recent XRP The sharp rise has attracted everyone's attention. This is the result of a combination of factors, including technical breakthroughs, renewed attention from Korean investors (coupled with the dismissal of SEC lawsuits and the promotion of WisdomTree S-1 filings), and historical sellers such as Jed McCaleb. absence. These factors combined to drive demand for XRP, contributing to the exceptional market performance.

The following is the original content (the original content has been edited to facilitate reading and understanding):

< p style="text-align: left;">The recent XRP surge revealed the complex interplay between technicals, market structure, and regional dynamics. Market Background

On November 10, XRP broke above approximately $0.55, decisively breaking through the 100-week, 200-week, and 350-week moving averages.

Perpetual Contract CVD: Decline.

Open interest: increased.

At the same time, Upbit began to rise in the App Store and Play Store rankings. The intertwining of this series of factors hints at the brewing of market activity.

November 12: Turning point

Upbit takes the top spot in Play Store rankings, consider The structure of the user base in South Korea - mainly older investors between 50 and 60 years old who mainly use Android devices and dominated by Samsung - is a particularly critical signal.

As demand surges, XRP crossed ₩1,000 won (approximately $0.71). Arbitrageurs quickly corrected market imbalances, resulting in large numbers of short positions being liquidated.

Supply Vacuum

In previous cycles, Jed McCaleb’s continued selling has limited XRP’s upward momentum. This time, however, he had no more coins to sell.

Structural Breakout

Only Bitstamp and Upbit have historical charts dating back to 2017. These The chart shows a diagonal breakout that has lasted for six years, and Upbit’s overwhelming dominance in spot trading volume has become a symbol of South Korea’s investment enthusiasm.

Group characteristics of demand

According to the recent "Korea News" report, older Koreans Investors play an increasingly prominent role in the crypto market: Crypto accounts held by people over 60 have increased by 30% since 2021 (+188,000 new account).

Accounts among people aged 50+ increased by 22.5% (+356,000 accounts).

As of September 2024, individuals over the age of 60 held a total of $4.8 billion in crypto assets.

This demographic shift shows that older investors, particularly in South Korea, play a key role in driving demand for XRP.

Article link: Hankyung Article

The larger context

Although South Korea's transaction volume is the main factor, but it is not the only driving force. Other exchanges, such as Coinbase and Robinhood, have also contributed to XRP’s surge. To date, XRP’s spot trading volume has exceeded $6.6 billion.

This is not just a run-of-the-mill rally. It is a confluence of:

1. A key technical breakthrough.

2. Renewed attention from retail investors, especially Korean investors (subsequently driven by the discharge of the SEC lawsuit and the release of WisdomTree's S-1 filing)

3. Major historical sellers such as Jed McCaleb supply pressure is absent

When causation and multiple factors collide, the results are often extraordinary