PiCK

XRP Volume Overtakes Bitcoin on South Korean Exchanges as Traders Eye $1.50 Resistance

Source

JOON HYOUNG LEE

Summary

It reported that XRP trading volume on South Korea’s major exchanges exceeded that of Bitcoin (BTC) and Ether (ETH).
XRP was trading around $1.45, down about 0.3%% from a day earlier, while posting a weekly gain of about 2%%.
The market sees the $1.49 to $1.50 range as a key resistance zone, and if selling pressure near $1.50 is absorbed, the pace of gains could accelerate after a breakout.

Forecast Trend Report by Period

XRP trading volume has surpassed Bitcoin on South Korea’s major cryptocurrency exchanges.

CoinDesk, citing CoinGecko data, reported on May 13 that XRP posted about $110.9 million in 24-hour trading volume on Upbit’s Korean won market. That exceeded Bitcoin’s $88.6 million and Ether’s $67 million over the same period.

On Bithumb’s Korean won market, XRP recorded $41 million in trading volume over the past 24 hours. That was second only to Tether, or USDT. XRP volume on Bithumb also topped both Bitcoin and Ether.

CoinDesk said South Korea has long been one of the strongest markets for speculative demand in XRP. While Bitcoin and Ether typically lead global trading volumes, South Korean investors have often pushed XRP into the top spot, it added.

Price moves have been limited, however. According to CoinMarketCap, XRP traded around $1.45 on May 13, down about 0.3% from a day earlier. It was still up about 2% for the week.

Traders are watching the $1.49 to $1.50 range as a key resistance zone. CoinDesk said XRP has failed to break through that band since February. If selling pressure around $1.50 is absorbed, the pace of gains after a breakout could outstrip recent price moves, it said.

XRP