XRP trading volumes have surged ahead of Bitcoin (BTC) and Ether (ETH) on major South Korean exchanges, signaling a rise in activity that often foreshadows significant market volatility.
In the past 24 hours, XRP’s total trading volume across South Korea’s leading exchanges—UpBit, Bithumb, and Korbit—has surpassed $800 million in dollar value. On Bithumb, XRP trading reached more than $200 million, while UpBit recorded over $600 million. In comparison, Bitcoin’s trading volume was less than half of XRP’s on both exchanges. Other cryptocurrencies like Dogecoin (DOGE) and Ether (ETH) saw even lower activity, with their volumes only a fraction of XRP’s.
A sharp increase in trading volume is often a precursor to significant price movements, as it suggests that traders are positioning themselves ahead of upcoming events. High trading volumes can indicate a potential price breakout if market participants push the price past key levels of resistance or support. Alternatively, they may point to a price reversal, especially if the volume surge is driven by panic buying or selling.
South Korean traders have a reputation for pushing rapid rallies in the market, often contributing to strong price movements. XRP has become a favored asset among these traders this year, with political developments in South Korea sometimes leading to sudden shifts in XRP’s price, as noted in previous CoinDesk reports.
The uptick in XRP trading volume on Tuesday coincides with the news that a South Korean court has issued an arrest warrant for President Yoon Suk Yeol. The warrant is related to his controversial decision to impose martial law in December, adding political uncertainty to the market and potentially influencing investor sentiment in the region.
