XRP Dominates Trading Volumes on South Korean Exchanges; A Precedent for a Price Rebound

Excitement around XRP keeps building with the digital asset now dominating trading volumes on South Korean exchanges; a precedent for a price rebound, and so is earning a lot of attention.

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After a strong 2021, XRP continues to attract attention in early 2023, especially in South Korea, where the digital asset is outperforming Bitcoin and Dogecoin in trading volume on local cryptocurrency exchanges. This development could bode well for XRP’s price in the coming weeks.

According to data from South Korea’s top cryptocurrency exchanges, XRP has been consistently leading in trading volume on platforms like Upbit, Bithumb, Coinone, and Korbit. This strong performance comes as retail investors in South Korea are showing a lot of interest in the crypto market.

For instance, on January 2, WallStreetBets founder Jaime Rogozinski highlighted XRP’s strength in the region. He noted that XRP is outperforming even Bitcoin and Dogecoin on South Korean exchanges, based on data from Upbit, Bithumb, Coinone, and Korbit.

Rogozinski’s figures showed XRP had the highest trading volume on Upbit, at $577 million, compared to Bitcoin’s $220 million and Dogecoin’s $195 million. In total, XRP had almost three times the trading volume of Bitcoin on the exchange.

This surge in XRP trading is a significant indicator of the strong and consistent interest in South Korea’s crypto market, which could fuel XRP’s price rebound.

Retail Interest Fuels XRP’s Price Rebound

XRP’s strong performance comes as the token recovers from a recent drop, which saw it fall below the key support level of $2. However, the asset has managed to bounce back quickly, thanks to strong retail interest, which is evident in XRP’s dominance on South Korean exchanges.

After dropping to lows of $1.79 on December 28th, XRP began to rally sharply, rising over 38% to reach highs of $2.48 on January 7th. This price action matches a wider trend of more activity from retail investors in South Korea. So, XRP’s dominance on local exchanges could mean the asset may grow further in the coming weeks.

After seven years, XRP finally breached a crucial resistance level and is now eyeing new highs. Several analysts are revisiting the asset’s future price trajectory with this recent bounce.

A popular crypto analyst, known as “Dark Defender,” has suggested that the correction from XRP’s seven-year high of $2.9 could be over and the asset might be preparing for new price highs.

Dark Defender has set big targets for XRP, predicting it could soon reach $4.11 and $5.85. Notably, Rogozinski has also issued bullish targets for XRP’s long-term prospects. He previously stated that if the overall crypto market hits a $5 trillion market cap, XRP could reach an $8 price point by the end of the year.

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