XRP Trading Volumes Surpass Bitcoin and Dogecoin on South Korean Exchanges
XRP trading volumes on South Korea's largest crypto exchanges have surpassed those of bitcoin (BTC) and ether (ETH), indicating heightened interest typically associated with price volatility.
Total trading volume against the won on UpBit, Bithumb, and Korbit exceeded $800 million in the past 24 hours. XRP recorded over $200 million on Bithumb and $600 million on UpBit, while bitcoin trading volumes were less than half of those amounts. Other assets like dogecoin (DOGE) and ether had significantly lower demand, reaching only a tenth of that for XRP.
A surge in trading volume often precedes increased volatility, suggesting market participants are anticipating significant developments. High volumes may indicate a price breakout if they support movement through resistance or support levels, or signal potential reversals if representing panic selling or aggressive buying at perceived extremes.
South Korean traders are known for driving euphoric rallies on tokens, which can exert upward pressure on prices. XRP has gained popularity among these traders this year, with political events impacting its market behavior, as noted in a CoinDesk analysis.
The recent volume increase coincides with a South Korean court issuing an arrest warrant for President Yoon Suk Yeol due to his controversial decision to impose martial law earlier in December.