XRP and Dogecoin Surge Over 100% on South Korean Exchanges, Outperforming Bitcoin Amid Regulatory Shifts and Musk Endorsements

XRP and Dogecoin (DOGE) are making waves on South Korean exchanges like Upbit and Bithumb. They’ve seen trading volumes that far exceed Bitcoin’s. In fact, both XRP and DOGE have jumped over 100% in price in just the past two weeks. What’s driving this? Favorable regulatory changes for XRP in the U.S. and endorsements from figures like Elon Musk for DOGE.

This trading frenzy in South Korea might signal some excitement in the market. However, XRP’s stability above $1 suggests that there could be more room for growth.

Recent data from CoinGecko shows that XRP and DOGE have accounted for as much as 30% of trading volume on Upbit and nearly 20% on Bithumb in the last 24 hours. That’s quite a bit more than Bitcoin usually sees. This indicates a strong, short-term demand for these tokens.

Some of this volume might come from wash trading. That’s where automated programs trade tokens back and forth to create the illusion of a busy market. Interestingly, Upbit has led XRP trading volumes globally in dollar terms over the past day, even ahead of major platforms like Binance and Coinbase. These trades were made against the Korean won but converted to U.S. dollars based on current rates.

On the other hand, Binance and Coinbase are the top platforms for DOGE trading volumes worldwide.

In recent weeks, XRP and DOGE have been the best-performing major cryptocurrencies. This comes as Bitcoin hits new all-time highs. Both tokens have surged over 100% in the last 14 days, with their futures products also reaching yearly highs.

South Korean traders are known for driving up prices, adding pressure to buy and influencing market trends.

XRP’s gains started last week. The changing regulatory climate in the U.S. has been beneficial for tokens linked to companies affected by the SEC, especially Ripple Labs. Meanwhile, DOGE has surged thanks to a Republican win in the U.S. elections and renewed support from Elon Musk, who’s been chosen to lead a proposed non-governmental unit under a potential Trump administration.

However, attention from South Korean markets could also mean we’re seeing a peak for these tokens, hinting at some market exuberance. But according to CoinDesk analyst Omkar Godbole, XRP may continue to grow in price.

“XRP is holding steady above $1 after a powerful rally—the strongest in three years! While short-term charts suggest a possible pullback, it may set the stage for another upward move,” Godbole explained. “Momentum indicators on longer charts are firmly bullish. Key supports to watch are 96 cents and 65 cents. Resistance levels are at $1.26 and $1.40, reflecting the supply zone from September 2021.”

As of Wednesday afternoon in Asia, XRP is trading just above $1, while DOGE is hovering just under 40 cents.