XRP Smashes Bitcoin in Korea – Analyst Eyes $1 XRP Price Target

XRP's price performance this week was solid until yesterday when it took a sudden 6% dive. The main culprit? A cancelled SEC meeting that was supposed

XRP price smashed Bitcoin in terms of trading volume on a major Korean crypto exchange on March 23. XRP enthusiasts are also keeping an eye on a key resistance level that could lead to a massive rally to $1.

Booming XRP Trading Volume in Korea

Data from Upbit, one of the largest cryptocurrency exchanges in South Korea, showed that XRP had the highest 24-hour trading volume among all digital assets listed on the platform on March 23.

The world’s second-largest cryptocurrency, Bitcoin (BTC), came in second place with a trading volume of around $282 million. In comparison, XRP boasted a remarkable trading volume of approximately $650 million, more than doubling BTC's volume on the exchange.

This news is particularly significant considering South Korea's status as a major player in the global crypto market. The country's enthusiasm for digital assets has been evident in the past, and its exchanges often handle a substantial portion of the world's crypto trades.

Hence, XRP's dominance in trading volume on a major Korean exchange like Upbit could indicate strong demand for the token among local traders.

Crypto Analyst Eyes $1 XRP Price Target

Meanwhile, several crypto analysts have been closely monitoring XRP's price movements and sharing their observations.

One such analyst, known as “Dark Defender” on Twitter and boasting over 100,000 followers, provided some interesting insights on March 23.

In a tweet, Dark Defender highlighted a notable 67.56% increase in XRP's price, moving from $0.3814 to $0.6378. Based on this price action, the analyst provided an update on the 4-hour time frame structure.

According to Dark Defender's analysis, the ABC wave, which is part of Elliott Wave Theory, could take two days to complete and might extend to a price level of $0.499. Interestingly, the analyst also pointed out minor resistance at $0.87 before XRP could potentially reach $1.03.

For those unfamiliar, the 4-hour time frame on price charts displays candles that represent 4-hour periods, allowing traders to analyze medium-term trends in the market.

Additionally, Elliott Wave Theory is a method used to predict price movements in waves, which are influenced by crowd psychology in the financial markets.

Despite a recent setback, XRP's strong showing in the Korean market could indicate its ongoing appeal among traders, while the technical analysis suggests there may be interesting developments ahead for XRP.

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