Dogecoin, XRP Trading Volumes Flip Bitcoin’s in South Korea

As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I have learned to never underestimate the power of market dynamics – especially when it comes to South Korean exchanges. The recent surge in trading volumes for XRP and DOGE on platforms like Upbit and Bithumb is not just intriguing; it’s downright fascinating!

This week, the trading activity for XRP and Dogecoin (DOGE) has significantly outpaced Bitcoin (BTC) on South Korean cryptocurrency exchanges. This surge in trade could potentially contribute to an increase in the prices of these two digital assets amidst the highly active market environment.

CoinGecko data shows XRP and DOGE have cumulatively accounted for as much as 30% of trading volumes on Upbit, the country’s biggest exchange, and nearly 20% on Bithumb in the past 24 hours. That is unusually higher than usual leader bitcoin and indicates a short-term demand for the tokens in the country.

A portion of these collections might be due to a practice known as wash trading, which involves automated systems repeatedly buying and selling a particular token to create the appearance of an actively traded market.

In the previous 24 hours, Upbit had the highest volume of XRP transactions in U.S. dollar value among all global exchanges, including platforms like Binance and Coinbase. These trades were initially made using Korean won, but have been converted to U.S. dollars based on current exchange rates.

Binance and Coinbase, however, lead DOGE trading volumes across global exchanges.

Over the past two weeks, I’ve noticed remarkable growth in both XRP and DOGE, even as Bitcoin reached unprecedented new lifetime highs. Intriguingly, these two tokens have seen a staggering increase of over 100% within the last fortnight, according to the data available. Remarkably, their futures products have also soared to yearly peaks.

In the world of cryptocurrency, it’s common knowledge that traders from South Korea often fuel enthusiastic market surges in various digital tokens. This frequent buying activity can significantly increase demand and potentially impact token prices.

Last week, growth in XRP began due to a favorable change in the U.S. regulatory environment, which encouraged expansion in tokens linked to firms affected by the Securities and Exchange Commission’s (SEC) decisions. Notably, XRP shares a strong connection with Ripple Labs.

In the aftermath, DOGE has experienced an increase in value due to the Republican victory in the U.S. elections and Elon Musk’s renewed efforts to promote it, as he was chosen for a leadership role within the proposed Government Efficiency (DOGE) non-governmental department under a potential Trump administration.

In this case, interest from the South Korean market could potentially signal a peak for cryptocurrency tokens within the local region. This is because increased attention can sometimes indicate market over-excitement, as a previous analysis by CoinDesk pointed out.

However, CoinDesk markets analyst Omkar Godbole sees growth in XRP prices in the near term.

As a crypto investor, I’m seeing that XRP has managed to maintain its position above $1, marking a significant surge – the most robust in the past three years! While the intraday charts seem to indicate a potential dip, this could pave the way for yet another bullish trend. As Godbole suggested.

The momentum readings on extended charts show a strong upward trend. Important levels to keep an eye on are around 96 cents and 65 cents as potential support zones. On the flip side, potential resistance can be found at $1.26 and $1.40. These levels seem to correspond with the supply zone from September 2021,” he further explained.

XRP trades at just over $1 as of Asian afternoon hours Wednesday. DOGE is just under 40 cents.