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XRP Volumes Zoom Ahead of Bitcoin, Dogecoin in South Korea. What’s Next?
South Korean markets tend to prefer XRP over larger assets such as bitcoin and ether, and a volume bump tends to precede price anomalies on local exchanges.
Updated Dec 31, 2024, 9:31 a.m. Published Dec 31, 2024, 8:29 a.m.
What to know:
- XRP is again leading the charts on South Korea’s biggest exchanges.
- The asset registered $600 million of volume on UpBit and over $200 million on Bithumb. Bitcoin's trading volume was less than half those levels.
- Surging trading volume is often a harbinger of increased price volatility.
XRP trading volumes on South Korea's biggest crypto exchanges have overtaken those of bitcoin (BTC) and ether (ETH) in a sign of flurried 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, topped $800 million in dollar value in the past 24 hours.
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XRP registered over $200 million in volumes on Bithumb and $600 million on UpBit, with bitcoin (BTC) trading volumes less than half of those on both exchanges. Interest in other assets, such as dogecoin (DOGE) or ether (ETH) was even lower, reaching just a 10th of the demand seen for XRP.
A wild increase in trading volume is often a harbinger of increased volatility because it may be a sign that market participants are anticipating developments that warrant them taking speculative positions.
High volumes might precede a price breakout if those positions support a strong move through resistance or support levels. They could also signal a price peak or trough, potentially leading to a reversal if the volume represents panic selling or aggressive buying at perceived undervalued or overvalued levels.
South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.
XRP has emerged as a popular token among Korean traders this year, with political developments often causing a sudden move in XRP markets locally, as a CoinDesk analysis previously showed.
Tuesday’s volume bump comes as a South Korean court issued an arrest warrant for President Yoon Suk Yeol early Tuesday. The warrant was sought over Yoon’s controversial and short-lived decision to impose martial law early in December.
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