- XRP overtook Bitcoin and Ethereum in the country’s trading volume of major exchanges such as Upbit and Bithumb.
- Kimchi Premium and strong retail demand, in combination, paved the way for the market dominance of XRP in the area.
- Analysts believe XRP is poised to rise further, and price targets seem to be all over the place, from $ 5.50 to $ 30, based on long-term technical patterns.
XRP has soared above Bitcoin ($BTC) and Ethereum ($ETH) to become the most traded cryptocurrency in leading South Korean exchanges. According to data by CoinMarketCap, XRP made $1.2 billion in retail trading volume on Upbit alone.
The asset took up to 27.6% of Upbit’s 24-hour trading, accounting for $3.7 billion, whereas Bitcoin lagged significantly with $340 million. Another major South Korean platform, Bithumb, reported similar trends.
XRP occupied 32% of this total volume also hitting $1.2 billion. These numbers indicate the rapid change in retail sentiment and local trading preferences.
XRP Price Momentum
At the time of pressing Wednesday, XRP is trading at $2.57, a 2.76% increase from the last 24 hours. Over the week, it has risen by 20.31% to give its total market capitalization of more than $150 billion.
Some technical analysts predicted a breakout in XRP in the long term. A prediction based on Elliot Wave theory states that XRP is in the fifth impulse wave after many months of sideways trading.
Based on analysis done on a Heikin-Ashi chart that dates back to 2014, XRP might be gearing for a huge bull run, with targets set at $30 at the end of the cycle. Others have echoed bullish projections.
Davinci Jeremy has indicated a possible rise above $20, while Standard Chartered’s Geoffrey Kendrick expects XRP to soar to $5.50 by 2025, $8.00 by 2026, and finally to $12.25 by 2029, an increase totaling more than 380%.
The ‘Kimchi Premium’ and South Korea’s Crypto Culture Fuel Activity
Part of XRP’s spike in trading volume can be attributed to the ‘Kimchi Premium’ – an ongoing market dynamic in which cryptocurrencies get sold higher than average international prices in South Korea. This stimulates arbitrage opportunities and drives trading volumes up on local networks.
Other than pricing discrepancies, South Korea’s digital asset-savvy investor pool is still embracing cryptos aggressively. The country’s traders are usually fast to technical setups and price momentum. The recent price action and global interest of XRP have made it an important target for short-term profits and long-term speculation.
South Korea’s retail interest and culture of active trading have always been responsible for significant spikes in the volume of specific assets. XRP’s disproportionate supply on Korean exchanges reflects past examples where an asset such as Bitcoin Cash or EOS enjoyed regional pumps because of localized demand.
The dominance of XRP in South Korea may affect overseas trading trends. With the increased depth of liquidity and price momentum, one of the busiest markets shows, other exchanges in regions may start to see such movements.
Increased attention from Korean traders may drive the XRP’s position on global charts higher and trigger more listing or institutional appeal. With increased involvement from a very active market, XRP is now well-placed to start testing new highs or at least experience good liquidity levels.
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