XRP Downtrend Hits Wall of Korean Bids, Momentum Turning Bullish

The XRP price has been trending downward for about 80 days but appears to have hit a wall of Korean bids. Despite a 2% drop on the day, XRP rebounded roughly 4% from its August low, which suggests that South Korea's retail traders are aggressively buying up the asset.

XRP ranks third among 275 Korean won markets on Upbit by 24-hour trading volume, behind only Tether and Bitcoin. The combined bids on Upbit and Bithumb outweigh asks by roughly two to one, indicating a strong demand for XRP in South Korea.

The Relative Strength Index (RSI) has climbed from below 20 in early June to the low 40s at the August low, which is a classic bullish divergence. This means that momentum is turning as the selling power of XRP is losing steam.