In South Korea, trading volumes for XRP and Dogecoin (DOGE) have recently surpassed those of Bitcoin (BTC), with both altcoins seeing an influx of activity. Data from CoinGecko shows that over the past 24 hours, XRP and DOGE collectively accounted for around 30% of the trading volume on Upbit, the country’s largest exchange, and nearly 20% on Bithumb. This marks a significant shift, as Bitcoin typically dominates trading volumes.
While some of this surge may be attributed to wash trading—where trades are made to artificially inflate the market—it still indicates a surge in interest for XRP and DOGE in South Korea, which is known for its market volatility and speculative trading behavior.
Upbit led the charge in XRP trading, surpassing global exchanges like Binance and Coinbase in terms of dollar value. Meanwhile, Binance and Coinbase are leading in DOGE trading volumes globally. Both XRP and DOGE have posted impressive gains in recent weeks, with XRP rising in response to a favorable shift in the U.S. regulatory landscape, particularly with developments surrounding Ripple Labs and its legal battle with the SEC. Dogecoin, on the other hand, has surged thanks to renewed support from Elon Musk and a boost from political developments in the U.S. following the Republican election win.
This sudden spike in trading activity from South Korean markets could potentially signal a local market peak, as speculative interest often reaches its highest point during such frenzied trading periods. However, market analyst Omkar Godbole remains bullish on XRP’s near-term prospects. “XRP has maintained a strong position above $1 following its recent rally—the strongest in three years,” Godbole said. “While there might be a pullback in the short term, this could set the stage for another upward movement. Long-term indicators remain bullish, with key support levels at 96 cents and 65 cents, and resistance at $1.26 and $1.40.”
As of Wednesday afternoon in Asia, XRP is trading slightly above $1, while Dogecoin is hovering just below 40 cents.
