What to know:
- XRP is once again leading the trading charts on South Korea’s major exchanges.
- The asset recorded $600 million in trading volumes on UpBit and over $200 million on Bithumb, while Bitcoin's trading volume was less than half that.
- Increasing trading volume is often a precursor to heightened price volatility.
XRP trading volumes have now surpassed those of Bitcoin (BTC) and Ethereum (ETH) on South Korea's largest exchanges, indicating a surge of interest that frequently signals upcoming price fluctuations.
In just the last 24 hours, total trading volume across UpBit, Bithumb, and Korbit, South Korea's leading exchanges, amounted to over $800 million.
XRP achieved volumes over $200 million on Bithumb and $600 million on UpBit, while Bitcoin's volumes were under half these numbers. Other assets, including Dogecoin (DOGE) and Ethereum, saw markedly lower interest, with demand for XRP significantly greater.
Such a significant uptick in trading volume often signals potential volatility, suggesting that market participants might be gearing up for price movements that could break through established resistance or support levels. It could indicate a price peak or trough, which might lead to either a reversal spurred by panic selling or an aggressive buy on perceived undervalued assets.
South Korean traders are particularly known for their tendency to leverage euphoric rallies on cryptocurrencies, which results in increased buying pressure and can affect prices quite substantially.
XRP has become a favored choice among Korean traders this year, with sudden price shifts often correlated with political developments. For instance, a recent analysis by CoinDesk showed that a court issued an arrest warrant for President Yoon Suk Yeol, following his controversial martial law declaration in early December.
