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Since December 8, the XRP market has fallen by more than 10.63%. On December 9 alone, the XRP price fell by more than 15.01%. The market has not yet recovered from the decline. Some believe that the price adjustment by Korean exchanges on December 9 played a key role. Let's take a closer look at this situation to understand the situation. Are you ready?
The price drop and performance of XRP
In early December, the price of XRP was around $2.2934. On December 2, it reached a peak of $2.7237. Since then, the momentum has clearly weakened. From December 3 to 5, the XRP price fell from $2.7237 to $2.2428. From December 6 to 7, XRP buyers tried to help the market recover from the decline, but failed miserably. On December 9, the market fell sharply in a single day, reaching a low of around $2.2138, a drop of 15.01%. The market has not yet recovered from the adjustment.
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Over the past seven days, Bitcoin (+1.5%), Ethereum (-0.2%) and Solana (-8.3%) have outperformed XRP's -9.4%.
Key factors behind the drop in XRP price
XRP is one of the top Altcoins and has performed well in the recent crypto bull market. Since November 5, its gains have exceeded 366.3%.
Many believe that profit-taking is a major reason for the recent XRP selloff. The data also supports this argument.
Interestingly, reports suggest that Korean platforms have played an important role in accelerating this downward trend.
Early XRP selloff in the Korean market
According to reports, the selloff on Korean exchanges began at 7:45 pm UTC on December 9.
At the open on December 9, the XRP price was $2.6005. By the close of the day, the price had fallen to a low of $2.2064. Notably, on the same day, the KOSPI index also fell to a monthly low of 2,360.24 KRW.
The report also points out that XRP/KRW showed a more pronounced negative CDV compared to XRP/USD or XRP/USDT.
The data strongly suggests that the XRP selloff trend originated from Korean exchanges, with massive selloffs on these exchanges on December 9.
Therefore, it is reasonable to assume that the XRP selloff trend in the Korean market has significantly impacted the XRP market.
Instability in the Korean market
Since the beginning of this month, the political situation in Korea has been turbulent. Korean President Yoon Seok-yeol declared martial law on the grounds of threats to national security from North Korean sympathizers, but the move was strongly opposed by members of parliament, forcing the president to withdraw the martial law order.
On December 2, the Korea Composite Stock Price Index (KOSPI) was reported at 2,455.24 KRW. On December 3, the index reached a monthly high of 2,500.53 KRW, a decline of at least 3.64% from the November high of 2,591.59 KRW. From December 5 to 9, the index fell from 2,471.49 KRW to 2,361.23 KRW. Although the index has risen 2.41% over the past two days, it has not yet recovered from the previous pullback.
