The last hours have seen significant developments in the crypto market in Asia, as XRP achieved a growth of 390% in Thailand after entering into banking partnerships and receiving support from local regulatory authorities, while Bitcoin and other major cryptocurrencies saw declines amid a widespread market correction.

XRP is leading the scene in Thailand

According to a report from the RippleXity platform, the value of XRP increased by 390%, attributed to a clearer regulatory framework from Thai financial authorities and support from local banks in financial connectivity operations.

Analysts note that this significant rise puts the digital currency at a crossroads: breaking the support at ~2.70 dollars could push it to continue the upward trend, while a drop below could bring it back to lower ranges.

A wave of selling hits the crypto market

Conversely, the market is witnessing a strong reverse movement as a broad correction has erased September gains, with losses exceeding 160 billion dollars across several major digital currencies.

Bitcoin dropped to around 109,500 dollars, a decrease of about 2.15% during the day.

Ethereum surpassed its decline at the $4,000 level at certain times, amid fears of global political and economic impact.

The market has seen massive liquidations in derivatives, which pressured liquidity and drove many investors to exit their long positions.

What explains this divergence between XRP and the rest of the market?

Regulatory separation: While some gain a dose of confidence from government decisions and bank support, other currencies — like Bitcoin — are under pressure from macro factors and regulatory concerns.

Preference of local investors: In Thailand, the shift towards adopting strong currencies linked to banking transactions has attracted significant flows specifically to XRP.

Correction as a cleansing of the market: The recent wave of selling is seen as a necessary reset for the market after an inflation of long positions.

Outlook

If XRP manages to solidify its gains, it could serve as a model for how digital currencies can thrive in flexible regulatory environments.

As for Bitcoin and other currencies, they heavily rely on the return of liquidity and overcoming global economic pressures.

In the end, it seems that digital markets are entering a more differentiated phase: not all currencies are on the same path, but are governed by regulatory and local factors.

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