On South Korean exchanges like Upbit and Bithumb, XRP and Dogecoin (DOGE) are experiencing unprecedented trading activity, with volumes surpassing even Bitcoin (BTC).
XRP and Dogecoin Lead South Korea’s Crypto Trading
Over the past two weeks, XRP and DOGE have surged by over 100% in value, driven by several factors:
XRP benefitted from favorable regulatory changes in the US.
DOGE thrived thanks to the support of public figures like Elon Musk and the political momentum following the US elections.
On Upbit, these two tokens accounted for 30% of trading volume in the past 24 hours, while on Bithumb, they made up nearly 20%. These figures exceed the usual dominance of Bitcoin, signaling a short-term demand surge for these cryptocurrencies.
Potential Reasons for High Volumes
Some of this trading volume may be attributed to wash trading, where automated programs simulate high trading activity. Still, data shows that Upbit leads global XRP trading volumes, while Binance and Coinbase dominate in DOGE trading.
What’s Driving XRP and DOGE’s Sharp Rises?
Both tokens have seen significant gains in recent weeks:
XRP is benefiting from regulatory shifts in the US, favoring tokens associated with Ripple Labs.
DOGE has surged due to the Republican victory in US elections and increased support from Elon Musk, who has been selected to lead a new government efficiency unit called the Department of Government Efficiency (DOGE).
Possible Local Market Peak Signals
South Korean markets are known for driving euphoric rallies in cryptocurrencies. However, this heightened activity might also signal a local peak, suggesting a potential correction.
According to analyst Omkar Godbole, XRP could have more room for growth:
“XRP is holding above the $1 level, its strongest position in three years.”
Godbole identifies key support levels at $0.96 and $0.65, with resistance at $1.26 and $1.40.
Current Prices of XRP and DOGE
As of today, XRP is trading slightly above $1, while DOGE remains just below $0.40. The trading frenzy in South Korea reflects ongoing demand but also suggests investors should be cautious of potential short-term corrections.
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