XRP soared above Bitcoin ($BTC) and Ethereum ($ETH), becoming the most traded cryptocurrency on major South Korean exchanges. According to CoinMarketCap, XRP earned $1.2 billion in retail trading volume just on Upbit.
The asset accounted for up to 27.6% of 24-hour trading on Upbit, amounting to $3.7 billion, while Bitcoin significantly lagged with $340 million. Another major South Korean platform, Bithumb, reported similar trends.
XRP accounted for 32% of this total volume, also reaching $1.2 billion. These figures indicate a rapid shift in retail trader sentiment and local trading preferences.
At the time of writing on Wednesday, XRP is trading at $2.57, which is up 2.76% over the last 24 hours. It has risen 20.31% over the week, giving it a total market capitalization of over $150 billion.
Some technical analysts have predicted a long-term breakout for XRP. A forecast based on Elliott Wave theory suggests that XRP is in the fifth impulse wave after many months of sideways trading.
Based on analysis conducted on the Heikin-Ashi chart dating back to 2014, XRP may be preparing for a massive bull run with target metrics of $30 by the end of the cycle. Others supported bullish forecasts.
Davinci Jeremy pointed to a possible rise above $20, while Jeffrey Kendrick from Standard Chartered expects XRP to soar to $5.50 by 2025, $8.00 by 2026, and finally $12.25 by 2029, representing over 380%.
Part of the trading volume surge for XRP can be attributed to the 'kimchi premium'—a continuing market dynamic where cryptocurrencies are sold at prices above average international levels in South Korea. This stimulates arbitrage opportunities and increases trading volumes in local networks.
Aside from price discrepancies, the South Korean pool of investors knowledgeable about digital assets remains aggressive toward cryptocurrencies. Traders in the country typically respond quickly to technical setups and price momentum. Recent price movements and global interest in XRP have made it a significant target for short-term profit and long-term speculation.
Retail interest and a culture of active trading in South Korea have always driven significant surges in the volume of certain assets. The disproportionate supply of XRP on Korean exchanges reflects past instances when assets like Bitcoin Cash or EOS experienced regional growth due to local demand.
XRP's dominance in South Korea may influence trends in overseas trading. With increasing liquidity depth and price momentum, as shown by one of the most vibrant markets, other exchanges in the regions may start to see such movements.
Increased attention from Korean traders could elevate XRP’s position on global charts and provoke more listings or institutional interest. With the heightened participation of a very active market, XRP is now well-positioned to begin testing new highs or at least experience good levels of liquidity.
$XRP , $ETH , $BTC
#StrategyTrade
We don't know about you, dear reader, but we are eagerly following the news feed from various online sources (!).