XRP trading volumes in South Korea have surpassed those of larger cryptocurrencies like Bitcoin (BTC) and Ether (ETH), signaling a surge in interest that often precedes price fluctuations in the market.
In the past 24 hours, total XRP trading volume on South Korea’s major exchanges—UpBit, Bithumb, and Korbit—reached over $800 million in dollar value. XRP alone accounted for more than $200 million in volume on Bithumb and $600 million on UpBit, while Bitcoin’s trading volume was less than half of XRP’s on both exchanges. Other cryptocurrencies, such as Dogecoin (DOGE) and Ether (ETH), saw far lower demand, only reaching a fraction of XRP’s volume.
This sudden spike in trading volume is typically a precursor to increased volatility, as it suggests that market participants are positioning themselves in anticipation of upcoming events. High volumes can signal that a breakout might occur if positions are strong enough to push through key resistance or support levels. Alternatively, it could indicate that a price reversal is on the horizon, especially if the increased volume is driven by panic selling or speculative buying at perceived overbought or oversold levels.
South Korean traders are known for driving euphoric rallies in the cryptocurrency market, often creating significant buying pressure that can influence price movements. XRP, in particular, has gained popularity among local traders this year, with political events sometimes sparking sudden price changes, as seen in a previous CoinDesk analysis.
The surge in XRP volume on Tuesday coincides with a South Korean court’s decision to issue an arrest warrant for President Yoon Suk Yeol. The warrant was related to his controversial decision to impose martial law in early December, further adding to the turbulence surrounding the local political landscape.
