Dogecoin (DOGE) and Ripple (XRP) are becoming the focal point in the South Korean crypto market, as the trading volume of these two coins has surpassed even Bitcoin ($BTC ) on major exchanges.
The Incredible Performance of DOGE and XRP
According to data from CoinGecko, DOGE and XRP account for over 30% of trading volume on Upbit and 20% on Bithumb in the past 24 hours, a notable figure compared to Bitcoin. Recently, the market cap of DOGE even surpassed stablecoin $USDC , affirming its position in the memecoin segment.
In terms of price, both XRP and DOGE have surged significantly in the past two weeks.
• XRP is trading around $1.1, while
• DOGE reached $0.38, with an increase of over 100% during this period.
Factors Driving the Surge
1. Political and regulatory changes in the US:
XRP has greatly benefited from the easing of crypto-related regulations in the US, especially after the SEC reduced its oversight of crypto businesses.
2. Support from Elon Musk:
DOGE has also benefited thanks to Elon Musk, who was recently appointed as the head of the Department of Government Efficiency (D.O.G.E) by President-elect Donald Trump. This move has attracted significant interest from investors.
Potential Risks
Despite impressive growth, some experts warn that the price surge of DOGE and XRP may not be sustainable, due to wash trading (creating fake trading volume to manipulate the market). This raises questions about the actual level of demand in the market.
Expert Insights
CoinDesk market analyst Omkar Godbole believes that XRP will maintain its upward momentum in the short term. He predicts important thresholds:
• Support: $0.96 and $0.65.
• Resistance: $1.26 and $1.4 (coinciding with the supply zone from September 2021).
South Korean Crypto Market
South Korea has always been an important market, with a significant influence on crypto prices. However, this country imposes strict regulations on crypto: users must provide ID and complete KYC when trading.
Recently, the South Korean government discovered more than 500,000 cases of failed KYC that were still approved on Upbit, highlighting management loopholes. This could negatively impact the growth of DOGE and XRP in this market.