XRP trading volumes on South Korea’s largest cryptocurrency exchanges have surpassed those of Bitcoin (BTC) and ether (ETH), a sign of renewed interest which often precedes price volatility.
The total trading volume against the won on UpBit, Bithumb and Korbit, the country’s largest exchanges in terms of volumes and users, exceeded $800 million in value over the past 24 hours.
XRP recorded on $200 million in volumes on Bithumb And 600 million dollars on UpBit, with Bitcoin (BTC) trading volumes less than half those of the two exchanges. Interest in other assets, like dogecoin (DOGE) or ether (ETH) was even lower, reaching only a tenth of the demand observed for XRP.
A sharp increase in trading volume is often a harbinger of increased volatility, as it can indicate that market participants are anticipating developments that justify them taking speculative positions.
High volumes may precede a price breakout if these positions support a strong move through resistance or support levels. They could also signal a peak or trough in price, potentially leading to a reversal if the volume represents panic selling or aggressive buying at levels perceived as undervalued or overvalued.
South Korean traders are known to cause euphoric rallies in tokens, contributing to buying pressure and potentially influencing prices.
XRP has become a popular token among Korean traders this year, with political developments often causing sudden movement in local XRP markets, as analyzed by CoinDesk. shown previously.
Tuesday’s increase in volumes comes as a South Korean court issued an arrest warrant for President Yoon Suk Yeol on Tuesday. The arrest warrant was requested following Yoon’s controversial and short-lived decision to impose martial law in early December.