XRP, Upbit's Top Trading Volume... Will it break $1.50 this time?

▲ Korean virtual asset exchange Upbit, XRP (Ripple) / Gemini generated image ©

XRP (Ripple) has surpassed Bitcoin and Ethereum to rank first in trading volume on Korean exchanges. Although the price increase has been limited, domestic investors' buying interest has concentrated on XRP, leading the market to keenly watch for potential increased volatility.

According to investment media FXStreet on May 13 (local time), the XRP/KRW trading pair on Upbit recorded approximately $110.9 million in trading volume over the past 24 hours, surpassing Bitcoin (BTC) at $88.6 million and Ethereum (ETH) at $67 million. Based on CoinGecko data, XRP/KRW trading volume on Bithumb also recorded approximately $41 million, making it the second highest after USDT/KRW, and also exceeding BTC/KRW and ETH/KRW trading volumes.

The media analyzed that the Korean market has traditionally been a region with strong speculative demand for XRP. While Bitcoin and Ethereum typically dominate trading volumes in the global market, domestic investors have repeatedly shown a tendency to sharply increase XRP trading whenever expectations for increased volatility grow. In particular, with recent increased volatility in the domestic stock market and a somewhat weakened preference for risky assets, an interpretation has emerged that investors are once again flocking to XRP, a familiar high-volatility asset.

However, the price movement is still limited. XRP traded around $1.44-$1.45 on Upbit and Bithumb, rising approximately 3% over the past week. This surpasses Bitcoin's rise but is lower than BNB and Solana (SOL), which rose about 8% during the same period. The media assessed that the current trend is closer to a phase where upward pressure is accumulating under strong resistance, rather than a "complete breakout."

Technically, XRP is retesting the $1.49-$1.50 resistance zone, which has repeatedly prevented upward movements since February. At the same time, the market is also noting the ongoing trend of higher lows above the $1.40 support level. The media analyzed that while XRP continues its compression without breaking through this resistance zone, the accompanying surge in trading volume increases the likelihood of expanded volatility in the future.

Market participants suggest that if the concentration of XRP trading continues, especially on Upbit and Bithumb, there is a possibility of additional short-term buying pressure. However, it is also cautioned that if the failure to break $1.50 repeats, profit-taking sales could quickly emerge.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*