XRP volumes ahead of Bitcoin and Dogecoin in South Korea. What’s next?

XRP trading volumes on South Korea’s largest cryptocurrency exchanges have surpassed those of bitcoin (BTC) and ether (ETH), in a sign of frenetic interest that often precedes price volatility.

Total trading volume against the won on UpBit, Bithumb and Korbit, the country’s largest exchanges by volumes and users, exceeded $800 million in dollar value in the last 24 hours.

XRP recorded over $200 million in volumes on Bithumb and $600 million on UpBit, with bitcoin (BTC) trading volumes less than half those of both exchanges. Interest in other assets, such as dogecoin (DOGE) or ether (ETH), was even lower, reaching only a tenth of the demand seen for XRP.

A dramatic increase in trading volume is often a harbinger of increased volatility because it may be a sign that market participants are anticipating events that justify them taking speculative positions.

Large volumes can precede a price breakout if those positions support a strong move through resistance or support levels. They could also indicate a peak or trough in price, which could lead to a reversal if the volume represents panic selling or aggressive buying at perceived overvalued or undervalued levels.

South Korean traders are known for driving euphoric rallies in the tokens, contributing to buying pressure and possibly influencing prices.

XRP has become a popular token among Korean traders this year, and political events often cause a sudden move in XRP markets locally, as a CoinDesk analysis previously showed.

Tuesday’s surge comes as a South Korean court issued an arrest warrant for President Yoon Suk Yeol on Tuesday morning. The order was requested over Yoon’s controversial and brief decision to impose martial law in early December.

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