In South Korea, XRP and Dogecoin (DOGE) have seen a surge in trading volumes, surpassing Bitcoin (BTC) on some of the country’s top exchanges, sparking a wave of enthusiasm in the market. Data from CoinGecko reveals that XRP and DOGE combined for about 30% of the total trading volume on Upbit, South Korea’s largest exchange, and nearly 20% on Bithumb over the past 24 hours. This marks a clear shift from the typical dominance of Bitcoin in trading activity.
While part of the increase can be attributed to potential wash trading—where automated systems trade tokens to give the appearance of high volume—the surge in trading volume signals heightened demand for XRP and DOGE in South Korea, a market known for its high-risk, high-reward speculative nature.
Notably, Upbit led the global market for XRP trading in terms of dollar volume, surpassing major exchanges like Binance and Coinbase, with XRP being particularly responsive to the evolving U.S. regulatory landscape surrounding Ripple Labs. On the other hand, DOGE saw substantial volume growth due to renewed interest fueled by Elon Musk’s ongoing promotion of the token and recent developments tied to political outcomes in the U.S., including Musk’s appointment to lead a proposed governmental unit under a Republican administration.
While these developments might indicate an overheated market, particularly given the speculative behavior of South Korean traders, analysts are still optimistic about the near-term potential of XRP. According to CoinDesk’s Omkar Godbole, “XRP has held strong above $1 after its recent rally, the largest in three years. Even though there may be a slight pullback in the short term, the longer-term indicators are bullish, suggesting more upside. Key support levels to watch are 96 cents and 65 cents, while resistance is at $1.26 and $1.40.”
As of Wednesday afternoon in Asia, XRP continues to trade above $1, while DOGE sits just below 40 cents, keeping traders on edge as the market continues to evolve.
