Bitcoin’s trading volumes on Korean exchanges were less than half that of XRP, while interest in other major crypto assets like Dogecoin (DOGE) and Ethereum (ETH) barely scratched the surface, with trading volumes only reaching a tenth of XRP’s activity.

South Korea’s exchanges, including UpBit, Bithumb, and Korbit, collectively saw over $800 million in XRP trading volume against the South Korean won during this period. Such activity is a clear indicator of the significant attention XRP is garnering in the region.

Why Trading Volumes Matter

Spikes in trading volume often precede significant market movements. High activity can be a precursor to a price breakout if it represents strong buying pressure that pushes through resistance levels. Conversely, it could signal a market reversal if the volume stems from panic selling or speculative buying at perceived price extremes.

For XRP, this surge may hint at market participants anticipating a major development or reacting to geopolitical events. Historically, South Korean traders have shown a propensity for driving euphoric rallies in specific tokens, creating substantial buying pressure that often influences global prices.

The South Korean Connection

XRP’s popularity among South Korean traders is not new. The token has often been at the center of significant trading activity in the country, driven by both speculative interest and political developments.

Tuesday’s surge in trading volumes coincides with a dramatic local event—a South Korean court issuing an arrest warrant for President Yoon Suk Yeol. This follows the president’s controversial attempt to impose martial law in December, which stirred significant political unrest. Such political turbulence may contribute to market volatility as traders react to perceived instability or look for safe-haven assets.