XRP Volume Overtakes Bitcoin and Dogecoin in South Korea. What’s Coming Next?

XRP trading volumes have surged past those of major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) on South Korean exchanges, signaling a surge in interest that often precedes market volatility.

In the last 24 hours, the total trading volume of XRP across South Korea’s leading exchanges—UpBit, Bithumb, and Korbit—exceeded $800 million in dollar terms. XRP alone accounted for over $200 million in volume on Bithumb and $600 million on UpBit, while Bitcoin’s volume was less than half of XRP’s on both platforms. Other popular cryptocurrencies, such as Dogecoin (DOGE) and Ether (ETH), saw much less activity, with volumes only a fraction of XRP’s trading numbers.

This increase in trading volume is often a precursor to heightened volatility, as it typically indicates that market participants are anticipating significant developments. A sudden rise in volume can sometimes lead to a price breakout if the volume is sufficient to push prices through critical resistance or support levels. On the other hand, it could indicate that a price peak or trough is near, with volume-driven buying or selling potentially signaling a market correction.

South Korean traders are known for generating considerable buying pressure, which can create euphoric market rallies. This has contributed to XRP’s growing popularity in the region, with local political events often driving price movements in the asset, as highlighted in a previous CoinDesk report.

Tuesday’s volume surge comes on the heels of a South Korean court issuing an arrest warrant for President Yoon Suk Yeol. The warrant relates to his controversial decision to impose martial law in early December, further adding uncertainty to the political landscape in the country.