XRP Volumes Zoom Ahead of Bitcoin, Dogecoin in South Korea. What’s Next?
2024-12-31
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XRP trading is once again leading the charts on South Korea’s biggest crypto exchanges, 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.
XRP registered over $200 million in volumes on Bithumb and $600 million on UpBit, with bitcoin BTCUSD trading volumes less than half of those on both exchanges. Interest in other assets, such as dogecoin DOGEUSD or ether ETHUSD 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. This is because high trading volumes can indicate that many market participants are actively buying or selling, which can lead to larger price swings
High volumes might precede a price breakout if the volume supports a strong move past resistance or support levels. Conversely, it could also signal that the asset might be at a peak or trough, potentially leading to a price 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 major token of choice for Korean traders in 2024, 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.