DOGE and XRP Trading Volumes on South Korean Stock Exchanges Push Asset Prices Up

The trading volume of XRP and dogecoin (DOGE) on South Korean crypto exchanges has surpassed the trading volume of bitcoin. Some market participants also think that the rise in the prices of these two tokens may be related to South Korean traders.

CoinGecko data shows that XRP and DOGE accounted for a cumulative 30 percent of trading volumes on Upbit, the country’s largest exchange, and approximately 20 percent of trading volumes on Bithumb in the last 24 hours.

However, some of this volume can be attributed to wash trading performed by automated programs to give the illusion of an actively traded market.

According to the data, Upbit realized XRP volumes in dollar terms on all global exchanges, including platforms such as Binance and Coinbase, in the last 24 hours. (Transactions were made in Korean won, but converted to US dollars at current exchange rates).

However, Binance and Coinbase continue to lead DOGE trading volumes on global exchanges.

XRP and DOGE have been the best-performing major tokens in recent weeks, with BTC reaching all-time highs. Data shows that both tokens are up more than 100% in the last 14 days, with futures products hitting yearly highs.

CoinDesk market analyst Omkar Godbole reported that he predicts growth in XRP prices in the near term.

According to Godbole, “XRP remains stable above $1 after what can be called the strongest rally in the last three years! Although intraday charts point to a possible pullback, these developments may lay the groundwork for another upward move.”

“Momentum indicators on longer-term charts are certainly bullish. Key supports to watch for are 96 cents and 65 cents. Resistance looms at $1.26 and $1.40, reflecting the supply zone in September 2021.”

XRP is trading at just over $1 at the time of writing. DOGE is positioned just below 40 cents.