Dogecoin and XRP Surpass Bitcoin in Trading Volumes on South Korean Exchanges
South Korea's leading crypto exchanges, Upbit and Bithumb, have seen a significant increase in trading volumes for altcoins like Dogecoin (DOGE) and XRP, surpassing that of Bitcoin (BTC).
Both DOGE and XRP have experienced 100% gains over the past two weeks. DOGE's market cap has increased nearly fourfold since early November, while XRP's market cap has doubled.
Data from CoinGecko indicates that XRP and DOGE account for approximately 30% of the trading volumes on Upbit and around 20% on Bithumb. Historically, Bitcoin has dominated these charts, but recent activity for DOGE and XRP has shifted this trend. Some of this trading volume may be attributed to wash trading, where automated systems create an illusion of high market activity.
In dollar terms, Upbit led global exchanges in XRP trading volumes over the last 24 hours, outpacing Coinbase and Binance. However, Binance and Coinbase remain at the forefront for DOGE trading volumes.
Dogecoin (DOGE) Enters Parabolic Bull Run
Following Donald Trump's victory in the US Presidential Elections in early November, Dogecoin's price surged by 168%, currently trading near $0.40. Analyst Ali Martinez suggests that Dogecoin is poised for a parabolic bull run, with a notable increase in whale accumulation and retail activity this month.
Martinez has identified a potential pattern in DOGE's price action, indicating it operates within a parallel channel. The projected price targets based on this analysis are $2.40 and $18.
-
Courtesy: Ali Charts
What's Next for XRP Price After 66% Rally?
XRP's price has risen by 66% on the weekly chart, driven by a favorable shift in the US regulatory environment impacting tokens previously affected by the Securities and Exchange Commission (SEC).
Analyst Omkar Godbole stated that XRP remains above $1 after a strong three-year rally, though intraday charts suggest a potential pullback could precede further upward movement. He noted resistance levels at $1.26 and $1.40, reflecting supply zones from September 2021.