In a surprising turn of events, South Korean traders have driven trading volumes for XRP and Dogecoin (DOGE) to surpass those of Bitcoin (BTC) on major exchanges like Upbit and Bithumb. This unusual shift in trading patterns highlights the growing influence of South Korean markets on the global crypto landscape.

Surge in Trading Volumes

According to CoinGecko data, XRP and DOGE have collectively accounted for up to 30% of trading volumes on Upbit, South Korea’s largest exchange, and nearly 20% on Bithumb over the past 24 hours. This is significantly higher than Bitcoin, the usual leader in trading volumes. The surge in interest has seen both XRP and DOGE prices soar by over 100% in the past two weeks.

Factors Driving the Surge

Several factors have contributed to this trading frenzy. For XRP, favorable regulatory changes in the U.S. have provided a positive backdrop, helping to stabilize its price above $1. The recent shift in the regulatory climate has been particularly beneficial for tokens related to companies previously hindered by the Securities and Exchange Commission’s (SEC) actions, such as Ripple Labs.

DOGE, on the other hand, has seen a resurgence following a Republican win in the U.S. elections and renewed endorsements from Elon Musk. Musk, who has been selected to lead the proposed Department of Government Efficiency (D.O.G.E) non-governmental unit under a potential Trump administration, has once again put Dogecoin in the spotlight.

Market Dynamics

The substantial trading volumes in XRP and DOGE on South Korean exchanges suggest a short-term demand for these tokens. However, part of this volume spike may be attributed to wash trading, where automated programs continuously trade a token to create an illusion of a heavily traded market.

Despite this, the influence of South Korean traders on the global market cannot be underestimated. Known for driving euphoric rallies, South Korean traders have significantly contributed to the recent price increases of XRP and DOGE. This trend has led to XRP and DOGE becoming the best-performing major cryptocurrencies in recent weeks, outpacing even Bitcoin, which has been relatively flat near $60,000 amid geopolitical tensions in the Middle East.

Future Outlook

While some analysts suggest that the South Korean trading frenzy might indicate a market top for XRP and DOGE, others see potential for further gains. CoinDesk markets analyst Omkar Godbole notes that XRP’s price stability above $1 after a powerful rally—the strongest in three years—could set the stage for another upward move.

“XRP is holding steady above $1. While intraday charts hint at a possible pullback, it could set the stage for another upward move,” Godbole said. “Momentum indicators on longer charts are firmly bullish. Key supports to watch out for are 96 cents and 65 cents. Resistance looms at $1.26 and $1.40, echoing the supply zone from September 2021.”

As of the latest data, XRP trades at just over $1, and DOGE is just under 40 cents. The coming weeks will be crucial in determining whether these tokens can maintain their upward momentum or if the market will see a correction.

In conclusion, the trading volumes of Dogecoin and XRP surpassing Bitcoin in South Korea highlight the dynamic and rapidly changing nature of the cryptocurrency market. With significant price movements driven by local and international factors, these tokens remain at the forefront of the crypto trading frenzy.