XRP and Dogecoin Surge While Bitcoin Stalls on South Korean Markets
XRP and Dogecoin– This week, trading volumes in XRP and Dogecoin (DOGE) have significantly outpaced Bitcoin (BTC) on South Korean cryptocurrency exchanges, driving up prices for both tokens in the process. CoinGecko data reveals that XRP and DOGE have together accounted for as much as 30% of trading volumes on Upbit, South Korea’s largest exchange, and nearly 20% on Bithumb in the past 24 hours. This surge in trading volume is unusually high compared to Bitcoin, suggesting a short-term spike in demand for these tokens within South Korea.
South Korean Trading Volume Surge: A Sign of Increased Token Demand
The dramatic rise in XRP and DOGE trading volumes can largely be attributed to the surge in South Korean investor activity. Upbit has led the XRP trading volumes globally, surpassing other major exchanges like Binance and Coinbase in dollar terms, according to the data. While these trades were made in Korean won, the volumes were converted to U.S. dollars for comparison. On the other hand, Binance and Coinbase lead the global trading volumes for Dogecoin.
Although some of this volume could be the result of wash trading—a practice where automated programs trade tokens among themselves to create the illusion of higher activity—the overall trend shows strong demand for these two assets in the country. XRP and DOGE have both outperformed Bitcoin recently, with both tokens increasing by over 100% in the past two weeks, hitting yearly highs for their futures products. South Korean traders are known for driving euphoric rallies, and this surge is no exception, likely contributing to buying pressure and affecting the prices of these tokens.
XRP’s Rally Driven by Changing U.S. Regulatory Climate
XRP’s impressive price rally began last week as U.S. regulatory developments provided a favorable environment for tokens linked to companies facing challenges from the Securities and Exchange Commission (SEC). XRP is closely tied to Ripple Labs, which has been involved in an ongoing legal battle with the SEC. As the regulatory outlook improved, XRP benefited, sparking a resurgence in demand for the token.
CoinGecko’s data shows that XRP has held steady above $1 after a powerful rally—the strongest in three years—indicating a strong upward trend. Despite potential pullbacks suggested by intraday charts, market analysts expect XRP to continue its momentum in the near term. According to CoinDesk market analyst Omkar Godbole, XRP’s momentum indicators on longer time frames are “firmly bullish,” with key support levels at 96 cents and 65 cents. Resistance levels to watch for are $1.26 and $1.40, aligning with the supply zone from September 2021.
DOGE’s Surge Tied to U.S. Election and Elon Musk’s Influence
Meanwhile, Dogecoin (DOGE) has also seen significant price growth, spurred by a variety of factors. The token surged after the Republican victory in the U.S. elections, with renewed backing from Elon Musk, who has been vocal in his support of DOGE. Musk’s influence, combined with his involvement in the formation of the Department of Government Efficiency (D.O.G.E) under a potential Trump administration, has given the meme coin new momentum.
DOGE’s surge comes at a time when the crypto market is showing signs of bullish sentiment, with many traders in South Korea fueling the buying pressure. Currently trading just under 40 cents, DOGE has become one of the best-performing major cryptocurrencies, alongside XRP. However, with such rapid price gains, some analysts suggest that this may be a short-term market bubble, signaling a possible local top for these tokens. According to CoinDesk’s analysis, the South Korean market’s frenzied activity could be a signal of a frothy, overheated market.
In conclusion, both XRP and Dogecoin have benefitted from heightened interest, particularly in South Korea, where a confluence of regulatory developments and market sentiment has propelled their prices upward. However, analysts caution that such activity may signal market exuberance, and both tokens could face price corrections in the near term. As the crypto market continues to evolve, these tokens’ performances may offer important insights into investor behavior and future trends in digital asset markets.
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