thecryptobasic.com
XRP leads volumes across South Korea’s exchanges as its price hints at a rebound.
The past few months have been filled with excitement for XRP holders. The rush on the asset does not appear to be slowing down, especially in South Korea, as WallStreetBets founder Jaime Rogozinksi has recently highlighted.
XRP Stealing the Spotlight
WallStreetBets founder Jaime Rogozinksi confirmed XRP’s continued dominance in South Korea. In an X post on Thursday, January 2, he asserted that the crypto asset associated with Ripple Labs was taking the shine off of Bitcoin and Dogecoin in the East Asian country.
Rogozinksi’s statements come as XRP has led volumes across South Korea’s local exchanges over the past 24 hours, a trend that market participants have frequently observed as the asset has rallied in recent months.
Over the past 24 hours, XRP has seen nearly three times as much volume as Bitcoin on Upbit, with over $606 million compared to about $246 million for the latter, per CoinMarketCap data. Meanwhile, Dogecoin boasts volumes of about $210 million.
Similar trends can also be observed across other leading South Korean exchanges, such as Bithumb, Coinone, and Korbit. The trend highlights the strong interest in the asset in South Korea’s retail-dominated crypto investment landscape, which has been known to lead rallies in major cryptocurrencies.
The high interest aligns with XRP’s bounce this week. It has led gains among the top ten cryptocurrencies by market cap, rallying 24% from lows just below the $2 mark to highs near the $2.5 price point.
The End of the Long Correction?
Amid XRP’s recent bounce, some analysts have suggested the asset’s nearly one-month correction from seven-year highs of $2.9 may be over. Among them is “Dark Defender.”
The analyst suggested that XRP could be “warming up” for new highs, setting targets at $4.11 and $5.85. Meanwhile, WallStreetBets founder Jaime Rogozinksi has often sounded bullish on the asset in recent months as well, setting an $8 year-end price target if the crypto market is able to clinch a $5 trillion market cap.