XRP trading volume on South Korea’s leading cryptocurrency exchange has surpassed those of Bitcoin (BTC) and Ethereum (ETH) amid South Korean political chaos.
In the latest order, a court in South Korea has issued an arrest warrant against suspended president Yoon Suk Yeol for his action of imposing martial law on 3 December.
In the past 24 hours, trading volumes against the South Korean won on UpBit, Bithumb, and Korbit– the country’s largest exchanges by user base and volume- exceeded $800 million. XRP alone accounted for more than $200 million in trades on Bithumb and $600 million on UpBit.
Will XRP Face Volatility?
In comparison, Bitcoin trading volume on these platforms was less than half of XRP’s, while interest in other cryptocurrencies like Dogecoin and ether (ETH) remained relatively subdued. This represents only about a tenth of XRP’s demand.
Market Analysts view such surges in trading volumes as precursors to price volatility. The increased activity often reflects market participants taking speculative positions. The development could trigger a price movement in the cryptocurrency.
If such positions break key resistance or support levels, high trading volumes can lead to price breakouts. Conversely, they might indicate potential reversals if they stem from panic selling or aggressive buying driven by perceived market imbalances.
South Korean traders are popular for sparking rallies in token prices, often creating buying pressure that reverberates across global markets. XRP has been a favored token in the region, with its price frequently influenced by local political and economic developments.
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