XRP trading volume on the largest exchanges in South Korea has surpassed Bitcoin (BTC) and Ether (ETH), marking a sign of sudden interest, which often occurs before strong price fluctuations.
In the past 24 hours, the total XRP trading volume in won on the three largest exchanges in South Korea, including UpBit, Bithumb, and Korbit, has reached a record high of up to 800 million USD. At Bithumb, XRP recorded a trading volume of nearly 180 million USD, while at UpBit, this figure reached 618 million USD. Notably, the trading volume of Bitcoin on both exchanges is less than half that of XRP, while interest in other assets such as Dogecoin (DOGE) or ETH is even weaker, only about 1/10 the demand for XRP.
XRP trading volume on Bithumb | Source: Coingecko
XRP trading volume on Upbit | Source: Coingecko
A sudden increase in trading volume is often a precursor to strong price fluctuations, as it may reflect investors' expectations of a significant change in asset value. Large trading volumes can serve as a precursor to a price breakout if the investment positions are built strong enough to support powerful moves past important resistance or support levels. At the same time, large trading volumes can also indicate a price peak or bottom, leading to the possibility of a reversal if it reflects a panic sell-off or strong buying at excessively high or low prices.
Traders in South Korea are known for their ability to drive strong price rallies of tokens, creating significant buying pressure and having a considerable impact on market value. XRP has become one of the most popular tokens among Korean investors this year, with frequent political upheavals causing sudden changes in the local XRP market.
The strong increase in XRP trading volume on Tuesday occurred against the backdrop of a South Korean court issuing an arrest warrant for President Yoon Suk Yeol earlier that morning, related to his controversial decision to impose martial law in early December.
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