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- XRP dominates the South Korean crypto market, reaching a trading volume of $800 million on the top exchanges, while Bitcoin and Ether are far behind.
- Growing on-chain activity and strong trading metrics hint at a potential breakout in the XRP price despite underlying volatility risks.
XRP has taken center stage in the South Korean crypto market, surpassing Bitcoin and Ether with massive trading volume. In the last 24 hours, the trading volume over UpBit, Bithumband Feather—the largest exchange in the country—reached an impressive $800 million.
XRP alone was $200 million on Bithumb and $600 million on UpBit, leaving Bitcoin behind with less than half the activity. Ether and Dogecoin fared even worse, meeting only a fraction of XRP’s demand.
A sudden surge in XRP trading often signals impending volatility. High trading activity can mean traders are positioning themselves ahead of potential events, which could lead to price breakouts or, conversely, sharp reversals. South Korean traders, known for fueling dramatic rallies, fueled XRP’s popularity throughout the year.
XRP rises amid political turmoil
Interest in XRP surged on Tuesday following controversial political developments in South Korea. A local court issued an arrest warrant for President Yoon Suk Yeol following his controversial decision to impose martial law earlier in December. Such events have historically affected the local XRP markets, increasing the volume of trading and speculation.
Adding to this wave of activity is the growing number of South Koreans investing in cryptocurrencies. Bank of Korea data shows that 15.59 million retail investors—roughly 30% of the population—had accounts on major exchanges by the end of November, as CNF previously reported.
South Korea’s market has surged by 610,000 investors in just one month, fueled by enthusiasm over US President-elect Donald J. Trump’s plans to expand the crypto market. This wider participation reflects the deepening connection between global and local crypto trends, with South Korea serving as a hotspot for emerging digital assets.
XRP’s on-chain signals signal a potential breakout
As the year winds down, XRP’s on-chain activity hints at a potential price breakout. The average number of transactions per ledger rose steadily throughout December, indicating strong network engagement. Historically, such activity has been a precursor to significant price movements.
Currently trading near $2.14, XRP has shown remarkable stability despite the market’s ups and downs. The 50-day exponential moving average (EMA) marks a critical support level at $2,199. If this level holds, it could pave the way for XRP to test its $2.35 resistance, paving the way for a possible rally towards $2.50 or higher.
However, risks still exist. A break below $1.92 could trigger bearish sentiment, with the next major support at $1.50. Nonetheless, robust transaction metrics and increased network activity suggest a resilient foundation.
XRP appears poised for growth as it approaches 2025. A combination of institutional interest, growing trading volumes, and strategic price levels have placed XRP in a favorable position for significant gains. Analysts predict a price increase of 40% or more if XRP’s momentum continues.
