XRP Trading Activity Outpaces Bitcoin and Dogecoin in South Korea. What’s Next for the Market?

XRP trading volumes have surged past Bitcoin (BTC) and Ether (ETH) on major South Korean exchanges, signaling increased interest that could lead to significant price fluctuations.

In the last 24 hours, XRP’s total trading volume across South Korea’s largest exchanges—UpBit, Bithumb, and Korbit—exceeded $800 million in dollar value. XRP alone accounted for more than $200 million in volume on Bithumb and $600 million on UpBit, far outpacing Bitcoin’s volume, which was less than half that of XRP’s. Other assets like Dogecoin (DOGE) and Ether (ETH) saw considerably lower volumes, reaching only a fraction of XRP’s trading activity.

A sudden spike in trading volume often suggests potential price movements, as it typically indicates that market participants are adjusting their positions ahead of anticipated developments. High volumes can sometimes foreshadow a breakout, especially if they drive the price through key support or resistance levels. On the other hand, if driven by panic or speculation, they may signal a market reversal.

South Korean traders are known for their influence in driving market sentiment, often fueling sharp price rallies in certain cryptocurrencies. XRP has gained significant traction in the region, with local political events sometimes causing unexpected price shifts, as previously noted by CoinDesk.

Tuesday’s surge in XRP trading volumes coincides with the news that a South Korean court has issued an arrest warrant for President Yoon Suk Yeol. The warrant relates to his decision to impose martial law in early December, a controversial move that has further complicated the country’s political landscape and added volatility to the market.