According to market expert Dom, South Korean traders on Upbit might be determining XRP price movements more than we think. Notably, XRP reached a new yearly high of $3.66 on July 18 after rallying 64% in just over two weeks. The surge reflected a broader market recovery, with Upbit traders contributing massively to it. However, the momentum quickly faded. Specifically, XRP price dropped along with the rest of the crypto market. By August 2, XRP had fallen to $2.73. Nonetheless, since then, it has bounced back above $3. While it still trades 18% below its July 18 peak, XRP has held on to the $3 level, with investors now watching closely for fresh buying interest that could trigger the next leg up. Dom suggested that Upbit’s selling spree played a major role in the market drop and argued that the Korean exchange might be controlling XRP price direction more than many realize. Korean market Upbit may actually "control" the price of $XRP more than we think Right when they stopped their selling pressure, we bottomed, DESPITE Binance continuing it's selling We've slowly staircased up since, with a potential TWAP happening on Coinbase (nearly 15M $XRP… pic.twitter.com/3OwQiEcjdx — Dom (@traderview2) August 4, 2025 Notably, the same group of Upbit traders also helped fuel XRP’s sharp rally weeks earlier. However, this time, their aggressive selling is contributing to the decline. Interestingly, as soon as they slowed down their selling, XRP found a bottom and began to recover, even while Binance traders continued to offload XRP. Dom noted a gradual accumulation of nearly 15 million XRP on Coinbase, which he believes could point to a potential Time-Weighted Average Price (TWAP) strategy. This accumulation coincided with XRP’s slow but steady climb from the lows. XRP Price Action Against USOIL and USD Meanwhile, Dom also tracked XRP’s performance on the USD and crude oil (USOIL) charts. On the USOIL chart, he noted on July 30 that XRP had broken out of a seven-month price range but saw little follow-through. The analyst predicted a possible retest of previous support levels, and by August 1, this projection materialized. Dom noted that this retest was actually important and explained that a full return into the old range would damage the bullish setup. However, in an August 4 update, he expressed caution. According to him, XRP briefly dipped back into the range, but he described it as a weak fakeout, not a full rejection of the breakout. He said the next few days would be crucial. Specifically, if XRP falls again and settles back inside that long-standing range, short-term prospects could turn bearish. XRP Against USOIL Dom Meanwhile, on the USD chart, he shared a similar warning on August 2. However, two days later, he highlighted a bounce from the expected support zone. Still, he made it clear that XRP needs to push higher to regain a safe position. $XRP update Bounce came in at the expected zone, which is good to see I think this still needs higher to reclaim a safe area We want to see $3 turn back into a floor. Then any acceptance above $3.12 will break the downtrend and put the chart back in a constructive state pic.twitter.com/GGI0cq1xIM — Dom (@traderview2) August 4, 2025 Dom believes the $3 level must turn into a solid support again. At press time, XRP changes hands at $3.05, struggling to maintain the $3 mark. The analyst suggested that a move above $3.12 would break the current downtrend and put XRP back into a bullish setup.