XRP Trading Frenzy takes over the Korean crypto market

• XRP has overtaken Bitcoin and Ethereum in trading volumes in major exchange countries such as Upbit and Bithumb.
• Kimchi's premiums and strong retail demand combined paved the way for XRP's market advantage in the region.
• Analysts believe XRP is poised for even more upwards, and price targets appear to range from $5.50 to $30 based on long-term technology patterns.

XRP has skyrocketed above Bitcoin ($BTC) and Ethereum ($eth), becoming the most traded cryptocurrency in South Korea's major exchanges. XRP has achieved a retail transaction volume of $1.2 billion on Upbit alone, according to data from CoinMarketCap.

The asset accounted for up to 27.6% of Upbit's 24-hour trading, accounting for $3.7 billion, while Bitcoin was significantly behind at $340 million. Another major Korean platform, Bithumb, reported a similar trend.

XRP accounts for 32% of this total, reaching $1.2 billion. These figures show a rapid shift in retail sentiment and local trading preferences.

XRP price momentum

As of Wednesday's press, XRP was trading at $2.57, an increase of 2.76% from the past 24 hours. Over the course of a week, it rose 20.31% to provide market capitalization of over $150 billion.

Some technology analysts have predicted XRP breakouts over the long term. Prediction based on the Elliott Wave theory states that XRP is in the fifth impulse wave after months of sideways trading.

Based on analysis made on the Hikin Asi charts dating back to 2014, the XRP could be ready for a massive bull run set at $30 at the end of the cycle. Others reflect bullish projections.

While Davinci Jeremy shows that it could exceed $20, Standard Chartered's Geoffrey Kendrick expects XRP to increase to $5.50 by 2025, $8.00 by 2026 and $12.25 by 2029, totaling over 380%.

“Kimchi Premium” and Korean Crypto-Cultural Fuel Activities

Part of the surge in XRP trading volume could be attributed to the “Kimchi Premium.” This is the ongoing market dynamics in which cryptocurrencies sell higher than the average international price in Korea. This stimulates arbitrage opportunities and increases trading volume on local networks.

Aside from pricing discrepancies, the pool of investors familiar with Korean digital assets remains actively embracing crypto. Country traders are usually faster due to technical setups and price momentum. XRP's recent price action and global interest have become an important target for short-term profits and long-term speculation.

The interest and culture of aggressive trading in Korea have always been responsible for a significant surge in the volume of certain assets. The imbalanced supply of XRP to South Korea's exchange reflects past examples of assets such as Bitcoin Cash and EOS enjoying regional pumps due to regional demand.

The control of XRP in South Korea could affect trends in overseas trading. With the growing depth of liquidity and price momentum, one of the busiest markets, other exchanges in the region may begin to see such a move.

A growing attention from Korean traders could raise XRP's position on the global charts and cause more listing or institutional appeal. With increasing involvement from a very active market, XRP is currently well suited to start testing new highs or at least experience good liquidity levels.